(1) Introduction to Section-71 (Inter-Head Adjustment)
Under the Indian Income Tax Act, 1961, taxpayers...
Understanding the intricacies of advance tax and self-assessment tax is crucial for both compliance and...
Section 198 of the Income Tax Act, 1961 establishes a fundamental principle that any tax deducted at...
Section 194-IB of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on rent payments exceeding ₹50,000/month by individuals...
Section 80RRB of the Income Tax Act, 1961, provides for a deduction in respect of royalty income received...
1. Legal Provision
Section 206C(6)imposes penalties on sellers/collectors who fail to collect Tax Collected...
Section 234E of the Income Tax Act, 1961, imposes a late filing fee for delays in submitting TDS (Tax...
Section 194LB of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on interest payments...
To promote digital transactions, the Income Tax Act mandates certain businesses to compulsorily accept...
Section 194A mandates Tax Deducted at Source (TDS) on interest payments (excluding interest on securities)...
Purpose:
This section provides a tax exemption on payments made by an Indian company to a foreign entity...
Section 10(4B) of the Income Tax Act, 1961 in India provides an exemption for interest income earned...
1. Computation of Income under the head Income from “Salaries”
The first head of income is...
In order to monitor high-value transactions conducted by taxpayers, a significant regulatory measure...
Applicable to: Manufacturing, SMEs, and select service providers
This section provides partial to full...
Leave salary, or leave encashment, refers to the payment an employee receives for unused leave days....
The “Full Value of Consideration” (FVC) is the total amount received or receivable when a...
In India, hosting international sporting events is not only a matter of pride but also has significant...
1. Automated Processing by CPC-TDS
Centralized Processing Center (CPC-TDS)processes all TDS returns
Auto-validationof...
Section 197A of the Income Tax Act, 1961 provides specific situations where no Tax Deducted at Source...