The Equalisation Levy in India, governed by Chapter VIII of the Finance Act, 2016, imposes a tax on certain...
Section 10(10D) of the Income Tax Act, 1961, provides tax exemption on the sum received under a life...
Section 10(6B) of the Income Tax Act, 1961, provides a tax exemption to non-residents (including foreign...
Indian Strategic Petroleum Reserves Limited (ISPRL) plays a crucial role in ensuring the energy security...
Section 245MA of the Income Tax Act, 1961, introduces a faceless dispute resolution mechanism for small...
Confused Between Assessment Year Vs Previous Year? Learn The Difference With Simple Examples, Plus How...
1. Making changes or Correction in PAN data
Suppose an applicant needs to change or correct a data on...
1. Applicability
Section 56(2)(x) covers:
Cash gifts
Immovable property(land, buildings)
Movable property(jewelry,...
1. Legal Provision
Section 206C(6)imposes penalties on sellers/collectors who fail to collect Tax Collected...
1. [Section 80C]: Deduction in respect of Life Insurance Premium, Deferred Annuity, Contributions to...
Section 54G of the Income Tax Act, 1961, provides tax exemption on capital gains arising from the transfer...
A Notified Institution refers to any entity or body corporate established by the Central Government or...
1. When Does This Apply?
When the taxpayer calculates their own advance tax liability(not based on the...
Under the Explanation to Section 139(9) of the Income Tax Act, 1961, a return is considered defective if...
Section 144 of the Income Tax Act, 1961, empowers the Assessing Officer (AO) to determine a taxpayer’s...
Section 10(10D) of the Income Tax Act deals with the tax treatment of the sum assured received from a...
Section 10(12A) of the Income Tax Act, 1961 provides important tax benefits for withdrawals from the...
Section 218 of the Income Tax Act, 1961 deals with situations where a taxpayer is considered to be in...
1. Basic Concepts
AOP (Association of Persons): Group formed for common purpose (business/profession)
BOI...
Here’s a detailed breakdown of Penalty under Section 271DA of the Income Tax Act, 1961, for failure to...