1. Who is Liable?
Every taxpayer(individuals, HUFs, companies, firms, etc.) whose estimated tax liability for...
Purpose:
This section provides full tax exemption on certain allowances received by:
Members of Parliament...
Under the Income Tax Act, there are certain provisions that govern the taxation of income earned by minors....
Here’s a comprehensive analysis of Section 56(2)(viib) of the Income Tax Act, 1961, which taxes share...
Applicable to: Individual taxpayers
This section provides a deduction for interest paid on loans taken...
1. Automated Processing by CPC-TDS
Centralized Processing Center (CPC-TDS)processes all TDS returns
Auto-validationof...
Section 54GB of the Income Tax Act, 1961, provides tax exemption on long-term capital gains (LTCG) from...
1. Section 35(1A) relating to Filing Of Statement of any sum received by a Research Association, University,...
S.O. 1905(E) – In exercise of the powers conferred by sub-section (1) and sub-section (2) of section...
Applicable to: Individuals & HUFs
Section 80C is one of the most popular tax-saving sections, allowing...
Section 69 of the CGST Act, 2017 grants tax authorities the power to arrest individuals suspected of...
Under Section 139(4B) of the Income Tax Act, 1961, political parties in India are mandatorily required to...
Section 10(10CC) provides a unique tax benefit where certain perquisites paid by employers are exempt...
Section 139(4) of the Income Tax Act, 1961, allows taxpayers to file a belated return if they miss the...
If you missed the deadline to claim a tax refund, you may still file a delayed refund claim under specific...
The “Full Value of Consideration” (FVC) is the total amount received or receivable when a...
Applicable to: DPIIT-recognized startups (Private Companies/LLPs)
This section provides a 100% tax deduction...
1. Overview
Introduced: Finance Act 2021 (effective from 1st July 2021).
Purpose: Imposes higher Tax...
Here’s a detailed breakdown of the tax rates on long-term capital gains (LTCG) for assets not covered...
The Income Tax Appellate Tribunal (ITAT) is the final fact-finding authority under the Income Tax Act,...