Central Government Notifies that No Deduction of Income-Tax under Chapter XVII of the Income-Tax Act, 1961 – ‘02/2025’
Notification No. 02/2025 [F. No. 275/110/2024-IT(B)] Dated 2nd January, 2025 MINISTRY OF FINANCE (Department...
Section 10(12A)- Tax Exemption on NPS (National Pension System) Withdrawals
Section 10(12A) of the Income Tax Act, 1961 provides important tax benefits for withdrawals from the...
Allowances which are Fully Taxable for Computation of Salary Income
Here’s a detailed breakdown of fully taxable allowances for the computation of salary income in India,...
Equalisation Levy (EL) Act, 2016
It was introduced under chapter VIII of Finance Act, 2016. This chapter came in to force from 1st June,...
Amendment of Sections (Central Goods and Services Tax-CGST) under Finance Bill (No.2), 2024.
Amendment of section 9. 110.  In the Central Goods and Services Tax Act, 2017 (12 of 2017.) (hereinafter...
[Section 139B]- Submission of Returns through Tax Return Preparers (TRPs)
Section 139B of the Income Tax Act, 1961, allows taxpayers to file their income tax returns through authorized...
TDS on Cash Withdrawals [Section 194N]
Section 194N of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on cash withdrawals exceeding...
Comprehensive Analysis of Section 67 of the CGST Act
Introduction: Section 67 of the Central Goods and Services Tax (CGST) Act, 2017, deals with the power...
Section 62: Irrevocable Transfers for a Specified Period
Key Rule: Section 61 (taxation of revocable transfers) does NOT applyif the transfer is irrevocable...
Income Tax Slabs FY 2025-26: Zero Tax Up to ₹12.75 Lakh | New vs Old Regime Guide
Discover The Latest Income Tax Slabs FY 2025-26 (AY 2026-27). Learn How to Pay Zero Tax Up To ₹12.75...
Valuation of Retirement Benefits – for Calculating Taxable Salary Income
Retirement benefits such as pension, gratuity, provident fund, and leave encashment are taxed differently...
Taxability of Winnings from Lotteries, Crossword Puzzles, Horse Races & Card Games [Section 56(2)(ib)]
1. Applicability Section 56(2)(ib) covers casual and non-recurring income from: Lotteries(including...
No Notional Income for House Property held as Stock-in-Trade [Section 23(5)]
Under Section 23(5) of the Income Tax Act, 1961, a key exemption applies to real estate developers and...
Advertisement to Political Parties [Section 37(2B)] – Applicability to "Profits and Gains of Business or Profession"
1. Key Provision Section 37(2B)of the Income Tax Act, 1961, disallows any deduction for expenses incurred...
Conversion of Proprietorship/Partnership into a Limited Company: A Tax Perspective
The transformation of a Partnership Firm or a Proprietorship Firm into a Private Limited Company is a...
[Section 234B (1)]: Interest for Default in Payment of Advance Tax
Section 234B(1) of the Income Tax Act, 1961, imposes interest if an assessee either: Fails to pay advance...
Section 10(4D)-Income of a Fund on Transfer of Capital Asset
Section 10(4D) of the Income Tax Act, 1961 in India provides an exemption for certain income earned by...
Government Makes New Tax Regime More Attractive Under Budget 2024-25 (Press Release by PIB)
Ministry of Finance GOVERNMENT MAKES NEW TAX REGIME MORE ATTRACTIVE STANDARD REDUCTION INCREASED FROM...
[Section 271DA]: Penalty for Failure to Comply with Provisions of Section 269ST
Here’s a detailed breakdown of Penalty under Section 271DA of the Income Tax Act, 1961, for failure to...
Deductions Allowed from "Income from Other Sources" [Section 57]
Section 57 of the Income Tax Act, 1961, permits specific deductions while computing taxable income under...
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