Section 44AE of the Income Tax Act, 1961 provides a simplified presumptive taxation scheme for businesses...
Section 56(2)(viib) of the Income Tax Act, 1961, is a provision that pertains to closely-held companies...
Section 115JB ensures that companies with substantial book profits but low or no taxable income (due...
Under the Income Tax Act, 1961, the Commissioner of Income Tax (Exemption) [CIT(E)] has the authority...
Section 268 of the Income Tax Act, 1961 provides a relief mechanism for taxpayers and the tax department...
Special Provisions for computing Business income in certain cases on the basis of Estimated Income Method...
To establish a legally valid charitable or religious trust, follow these key steps under Indian law:
1....
Section 55(2) – Cost of Acquisition of Capital Asset for Computing Capital Gain
Cost of acquisition...
Applicable to: Individuals
This section allows a deduction for contributions made to approved pension...
Section 10(10CC) of the Income Tax Act, 1961 deals with the taxation of non-monetary perquisites provided...
The treatment of business income for a charitable or religious trust under the Income Tax Act, 1961 is...
Applicable to: *Farmer Producer Companies (FPCs) registered under Companies Act, 1956/2013*
This section...
Section 26 of the Income Tax Act governs the taxation of income from properties jointly owned by two...
Section 44AA of the Income Tax Act, 1961, mandates certain taxpayers to maintain books of accounts, while Rule...
The Income Tax Appellate Tribunal (ITAT) is the second appellate authority under the Income Tax Act,...
In the realm of Goods and Services Tax (GST), the efficient utilization and handling of Input tax credit (ITC)...
Section 80QQB of the Income Tax Act provides a deduction in respect of royalty income earned by authors....
As already discussed, motor car/other vehicles, provided by the employer, is a perquisite only for specified...
The Income Tax Act, 1961, provides a special procedure for assessments in search cases to ensure thorough...
1. Business [Section 2(13)]
Business includes:
Any trade, commerce, or manufacturing activity;
Any adventure...