Purpose:
This section provides a full tax exemption on any scholarship granted to meet educational expenses,...
Pension is a periodic payment made to an employee after retirement. Under Section 17(1)(ii) of the Income...
To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting...
Section 65: Audit By Tax Authorities:
Understanding the intricate process of GST audits, as outlined...
Investment planning is an essential aspect of financial management, especially for middle-class families....
1. Core Rule (Strict Liability)
No PAN = Higher TDS/TCS:
TDS rate: 20%(instead of normal rate)
TCS...
Section 10(23BBG) of the Income Tax Act provides a full tax exemption for the income of the Central Electricity...
A closely held company (where the public is not substantially interested) is subject to stricter tax...
Section 115JH of the Income Tax Act, 1961, provides transitional and computational rules for foreign...
Under the Goods and Services Tax (GST) regime in India, healthcare services and hospital room rent are...
A survey under Section 133A of the Income Tax Act, 1961 is a legal procedure allowing income-tax authorities...
Section 194G of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on commission or remuneration...
Kisan Vikas Patra is a certificate scheme from the Indian post office. It doubles a one-time investment...
1. Set-Off Rules for Current Year Losses
Intra-head adjustment (Section 70):
Business losses can be...
Circular No. 01/2025 [F. No. 500/05/2020/FT&TR-II] Dated 21st January, 2025
Government of India
Ministry...
Section 241A allows the Income Tax Department to withhold refunds in certain cases, even if a taxpayer...
The deductions under Chapter VI-A (Sections 80A to 80U) are subject to certain overarching rules that...
Understanding of Section 80D
Section 80D of the Income Tax Act provides individuals with a deduction...
1. Key Provision
Section 37(2B)of the Income Tax Act, 1961, disallows any deduction for expenses incurred...
As per Section 54D, the Capital Gain arising from the transfer, by way of compulsory acquisition under...