Section 264A of the Income Tax Act, 1961, introduced by the Taxation Laws (Relaxation and Amendment)...
Applicable to: Individuals & HUFs
This section provides tax relief for expenses incurred on the care...
Purpose:
This section provides a full tax exemption on the income of local authorities, such as municipalities,...
Section 25 of the Income Tax Act lays down a specific disallowance: certain types of interest payments...
Section 194LBC of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on income distributed...
The Supreme Court of India’s decision in the case of Chief Commissioner of Central Goods and Services...
Revocation of Cancellation of Registration under GST is a process that allows a taxpayer to restore their...
According to Section 10(2A), any share of profit received by a partner from a firm is exempt from tax....
1. Basic Concepts
Firm: Partnership firm registered under Partnership Act, 1932
LLP: Limited Liability...
Applicable to: Registered Cooperative Societies
This section provides full or partial tax exemptions to...
Circular No. 03/2025 [F. No. 275/107/2024-IT(B)] Dated 20th February, 2025
Government of India
Ministry...
Amendment of section 7.
151. In the Union Territory Goods and Services Tax Act, 2017 (14 of 2017.) (hereinafter...
Notification No. 05/2025 [F. No. 300196/37/2019-ITA-I] Dated 3nd January, 2025
MINISTRY OF FINANCE
(Department...
Long-term capital gain arising on the transfer of any capital asset being land or building or both is...
Section 74A of the Income Tax Act, 1961, provides specific rules for the treatment of losses incurred...
The Income Tax Act, 1961 contains provisions related to search, seizure, survey, and special procedures...
Under Section 237 of the Income Tax Act, 1961, the following persons are entitled to claim a refund of...
1. Unexplained Cash Credits [Section 68]
Where any sum is found credited in the books of an assessee,...
Introduction
Section 54B of the Income Tax Act, 1961, provides an exemption on capital gains arising...
Section 44AB of the Income Tax Act, 1961 mandates a compulsory tax audit for businesses and professionals...