Here’s a detailed explanation of Section 206CB: Processing of Statements of Tax Collected at Source...
Section 244A governs the payment of interest on income tax refunds to assessees. Below is a detailed...
The taxation of dividends in India has undergone significant changes over the years. This article aims...
Unrealised rent refers to rental income that is due but not received from a tenant. The Income Tax Act,...
When an employer provides accommodation in a hotel, guest house, or similar facility, its taxability...
Notification No. 02/2025 [F. No. 275/110/2024-IT(B)] Dated 2nd January, 2025
MINISTRY OF FINANCE
(Department...
Section 10(23AAA) of the Income Tax Act provides an exemption for income received by any person on behalf...
Amendment of section 5.
147. In the Integrated Goods and Services Tax Act, 2017 (13 of 2017.) (hereinafter...
Section 44AE of the Income Tax Act, 1961 provides a simplified presumptive taxation scheme for businesses...
Applicable to: Individuals & HUFs (for self or dependent relatives)
This section provides tax relief...
Overview
Section 157A of the Income Tax Act, 1961, was introduced to empower the Central Government to...
The deductions under Chapter VI-A (Sections 80A to 80U) are subject to certain overarching rules that...
1. Fundamental Principle
TDS Credit Mechanism: Any tax deducted at source (TDS) is treated as:
Payment...
Section 10(5) of the Income Tax Act allows for certain tax exemptions on travel expenses provided by...
Section 10(23C) of the Income Tax Act, 1961 provides for the exemption of income of certain funds of...
Section 167 of the Finance Act, 2016 (Chapter VIII) governs the furnishing of statements for the Equalisation...
1. Overview
Introduced: Finance Act 2021 (effective from 1st July 2021) .
Purpose: Encourage tax compliance...
A. Basic Conditions for Section 11 (Income from Property Held for Charitable/Religious Purposes)
Registration...
The Income Tax Act, 1961 allows charitable and religious trusts to apply for belated registration under Section...
Yes, a tax audit under Section 44AB is compulsory even if the accounts are already audited under:
Other...