1. Overview
Introduced: Finance Act, 2004.
Objective: Ensure tax compliance on income from leases/licenses...
Section 284 of the Income Tax Act, 1961, governs how notices, orders, or summons must be served when...
Following Business are required to get their Accounts compulsory Tax Audited by a Chartered Accountant...
Section 142A of the Income Tax Act, 1961 empowers the Assessing Officer (AO) to refer matters of asset...
1. [Section 56(2)]: List of Incomes included under ‘Income from Other Sources’
There are many incomes...
Section 54GB of the Income Tax Act, 1961, provides tax exemption on long-term capital gains (LTCG) from...
Section 10(4) of the Income Tax Act, 1961 in India provides an exemption for certain types of interest...
Section 139(4) of the Income Tax Act, 1961, allows taxpayers to file a belated return if they miss the...
Section 140A mandates taxpayers to self-assess their income, calculate tax liability, and pay any outstanding...
1. What is Section 282A?
Section 282A mandates proper authentication of all income tax notices, orders,...
Section 154 of the Income Tax Act, 1961, allows the Assessing Officer (AO), Commissioner (Appeals), or...
1. Basic Condition
A taxpayer is liable to pay advance tax if:
Estimated tax liability(after deducting...
Applicability:
Section 234A(1) of the Income Tax Act, 1961, levies interest if an assessee fails to file their...
Under the Income Tax Rules/ Act, certain taxpayers are required to get their accounts audited and submit...
Section 10(23EC) of the Income Tax Act provides a tax exemption for income received by an Investor Protection...
Employee Stock Option Plans (ESOPs) are popular mechanisms through which companies attract, retain, and...
Section 144 of the Income Tax Act, 1961, empowers the Assessing Officer (AO) to determine a taxpayer’s...
1. Core Rule (Strict Liability)
No PAN = Higher TDS/TCS:
TDS rate: 20%(instead of normal rate)
TCS...
Section 80GG of the Income Tax Act allows individuals to claim deductions for the rent paid when they...
Special Economic Zones (SEZs) have emerged as key drivers of economic growth and development in many...