Here we discuss all the Provisions towards Computation of Capital Gain in certain Special Cases and the...
1. Agricultural Income [Section 10(1)]
As per Section 10(1) of the Income Tax Act, agricultural income...
Purpose:
This section provides a tax exemption on payments received as awards, rewards, or prizes from:
Central/State...
Section 80GG of the Income Tax Act allows individuals to claim deductions for the rent paid when they...
Here’s a detailed explanation of Penalty under Section 271H of the Income Tax Act, 1961, which applies...
1. Business [Section 2(13)]
Business includes:
Any trade, commerce, or manufacturing activity;
Any adventure...
Retrenchment compensation received by an employee due to termination of employment is partially exempt from...
Here’s a detailed breakdown of the tax rates on long-term capital gains (LTCG) for assets not covered...
Under the Income Tax Act, 1961, individuals and Hindu Undivided Families (HUFs) can claim exemptions...
Section 67 of the Central Goods and Services Tax (CGST) Act, 2017 deals with the inspection, search,...
1. Income Tax Law
An understanding of the Income-tax law requires a study of the following:
(I) ...
Ministry of Finance
CAPITAL GAINS TAXATION SIMPLIFIED AND RATIONALISED
SHORT TERM GAINS TO ATTRACT A...
The Indian Income Tax Act, 1961, governs the taxation of various sources of income in India. One such...
Understanding Section 10(10)
Section 10(10) provides tax exemption on gratuity payments received by employees....
Section 142A of the Income Tax Act, 1961 empowers the Assessing Officer (AO) to refer matters of asset...
Section 234A(3) of the Income Tax Act, 1961, deals with interest payable when an assessee fails to file...
Here’s a structured table summarizing the penal provisions related to Tax Collected at Source (TCS) under Sections...
The Goods and Services Tax (GST) Act, 2017, has laid down comprehensive guidelines for recovery proceedings...
Section 194B of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on winnings from games...
Section 25A of the Income Tax Act, 1961, governs the tax treatment of arrears of rent (unpaid rent recovered...