Section 80EE: Deduction in respect of Interest on Loan taken for Residential House Property
Income tax laws in India provide various deductions and exemptions to taxpayers, helping them reduce...
Section 80-IBA: Tax Deduction for Affordable Housing Projects
Applicable to: Developers of Affordable Housing Projects This section provides a 100% tax exemption on...
Penal Provisions Related to Tax Collected at Source (TCS)
Here’s a structured table summarizing the penal provisions related to Tax Collected at Source (TCS) under Sections...
[Section 248]: Appeal by Person Denying Liability to Deduct Tax
Under Section 248 of the Income Tax Act, 1961, a person who denies liability to deduct tax at source...
Rule 6G: Report of Audit of Accounts under Section 44AB
1. Purpose of Rule 6G Prescribes the forms and mannerfor submitting tax audit reports Mandates the format...
[Section 234B (1)]: Interest for Default in Payment of Advance Tax
Section 234B(1) of the Income Tax Act, 1961, imposes interest if an assessee either: Fails to pay advance...
[Section 194LD]: TDS on Interest from Certain Bonds & Securities
Section 194LD of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on interest income paid...
Deemed Income Chargeable to Tax [Section 59]
Section 59 deals with deemed income that becomes taxable under the head “Income from Other Sources” when...
Inverted Duty Structure (IDS) under GST
The Inverted Duty Structure (IDS) under the Goods and Services Tax (GST) regime is a situation where...
Equalisation Levy (EL) Act, 2016
It was introduced under chapter VIII of Finance Act, 2016. This chapter came in to force from 1st June,...
Section 10(10)- Exemption for Gratuity Income
Understanding Section 10(10) Section 10(10) provides tax exemption on gratuity payments received by employees....
Investment in National Saving Certificate (NSC)
The National Savings Certificate (NSC) is a fixed Income Investment scheme that you can open with any...
Section 10(6C)- Exemption for Foreign Companies on Royalty/FTS Income
Overview of Section 10(6C) Section 10(6C) provides a tax exemption to foreign companies on income received...
Power to Withdraw Approval [Section 293C]
1. Overview Section 293C of the Income Tax Act, 1961 empowers the Central Government to withdraw approvals...
Section 10(25A)- Tax Exemption for any income of the Employees' State Insurance Fund (ESI Fund)
Section 10(25A) of the Income Tax Act provides a complete tax exemption for any income of the Employees’...
Section 10(23FE)-Tax Exemption for Income of a Specified Person in the nature of Dividend, Interest or Long-Term Capital Gain
Section 10(23FE) of the Income Tax Act provides a tax exemption for certain types of income earned by...
Section 10(12)- Tax Exemption on Recognised Provident Fund (RPF) Withdrawals
Section 10(12) of the Income Tax Act governs the tax treatment of withdrawals from a Recognised Provident...
Section 10(23FC)- Tax Exemption for Specific Types of income earned by a Business Trust
Section 10(23FC) of the Income Tax Act provides a tax exemption for specific types of income earned by...
GST Audit U/s 65 of the CGST Act, 2017- Procedure and Precautions
GST Audit under Section 65 of the CGST Act, 2017 is conducted by the tax authorities to verify the correctness...
Section 80DDB: Deduction for Medical Treatment of Specified Critical Illnesses
Applicable to: Individuals & HUFs (for self or dependent relatives) This section provides tax relief...
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