The Capital Gains Accounts Scheme (CGAS) 1988 is a scheme under the Income Tax Act, 1961, in India. It...
Section 10(10AA) of the Income Tax Act, 1961 provides important tax exemptions for leave encashment (also...
1. Making changes or Correction in PAN data
Suppose an applicant needs to change or correct a data on...
1. Overview
Legal Provision: Allows TCS collectorsto file a correction statement to rectify errors in...
Section 43CB of the Income Tax Act, 1961 standardizes the computation of income from construction contracts and service...
Section 115BAA of the Income Tax Act, 1961 provides a concessional tax rate of 22% (plus surcharge &...
1. Key Features of Section 69
Objective: Targets unexplained investments(e.g., property, gold, shares)...
Section 143(3) deals with the scrutiny assessment process in Indian income tax law. This assessment is...
Section 80RRB of the Income Tax Act, 1961, provides for a deduction in respect of royalty income received...
1. Provision by the employer of services of a Sweeper, a Gardener, a Watchman or Personal Attendant...
Agricultural income and its tax treatment in India fall under Section 10(1) of the Income Tax Act, 1961....
Where any person receives at any time during any previous year any money or other assets under an insurance...
Interest income is one of the common sources of income for individuals and businesses alike. When it...
Tax Audit Forms
The Incomes prescribed two types of forms for tax audit:
Audit Report:
The audit report...
We will continue our efforts to simplify taxes, improve tax payer services, provide tax certainty and...
Applicable to: All Individual & HUF Taxpayers
This section caps the total deductions available under...
As per Section 54D, the Capital Gain arising from the transfer, by way of compulsory acquisition under...
The Income Tax Bill 2025 will come into effect from April 1, 2026, after it is vetted by a Select Committee...
Retrenchment compensation is the amount paid to a workman (employee) at the time of termination of employment...
1. Introduction to Clubbing of Income
The Indian Income Tax Act, 1961, has provisions that prevent taxpayers...