Notification No. 02/2025 [F. No. 275/110/2024-IT(B)] Dated 2nd January, 2025
MINISTRY OF FINANCE
(Department...
Section 10(12A) of the Income Tax Act, 1961 provides important tax benefits for withdrawals from the...
Here’s a detailed breakdown of fully taxable allowances for the computation of salary income in India,...
It was introduced under chapter VIII of Finance Act, 2016. This chapter came in to force from 1st June,...
Amendment of section 9.
110. In the Central Goods and Services Tax Act, 2017 (12 of 2017.) (hereinafter...
Section 139B of the Income Tax Act, 1961, allows taxpayers to file their income tax returns through authorized...
Section 194N of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on cash withdrawals exceeding...
Introduction:
Section 67 of the Central Goods and Services Tax (CGST) Act, 2017, deals with the power...
Key Rule:
Section 61 (taxation of revocable transfers) does NOT applyif the transfer is irrevocable...
Discover The Latest Income Tax Slabs FY 2025-26 (AY 2026-27). Learn How to Pay Zero Tax Up To ₹12.75...
Retirement benefits such as pension, gratuity, provident fund, and leave encashment are taxed differently...
1. Applicability
Section 56(2)(ib) covers casual and non-recurring income from:
Lotteries(including...
Under Section 23(5) of the Income Tax Act, 1961, a key exemption applies to real estate developers and...
1. Key Provision
Section 37(2B)of the Income Tax Act, 1961, disallows any deduction for expenses incurred...
The transformation of a Partnership Firm or a Proprietorship Firm into a Private Limited Company is a...
Section 234B(1) of the Income Tax Act, 1961, imposes interest if an assessee either:
Fails to pay advance...
Section 10(4D) of the Income Tax Act, 1961 in India provides an exemption for certain income earned by...
Ministry of Finance
GOVERNMENT MAKES NEW TAX REGIME MORE ATTRACTIVE
STANDARD REDUCTION INCREASED FROM...
Here’s a detailed breakdown of Penalty under Section 271DA of the Income Tax Act, 1961, for failure to...
Section 57 of the Income Tax Act, 1961, permits specific deductions while computing taxable income under...