Under the Income Tax Act, 1961, Sections 115QA to 115QC impose a tax on distributed income when a domestic...
Section 244A of the Income Tax Act, 1961, governs the interest paid by the Income Tax Department to taxpayers...
Discover All Revised TDS Threshold Limits FY 2025-26. Learn About New Section 194T, Doubled Senior Citizen...
(1) Conditions to be satisfied for applicability of Section 112A [Section 112A(1)]:
Notwithstanding...
Applicable to: Salaried (without HRA) & Self-Employed Individuals
This section provides tax relief...
Assessment of Charitable Organizations When Commercial Receipts Exceed 20% Threshold [Section 13(8)]
1. Key Provision (Section 13(8))
Introduced by Finance Act 2022(Effective AY 2023-24)
Applies whena...
1. Allowances- Income under the head Salaries
Allowance is a fixed monetary amount paid by the employer...
Section 151A empowers the Central Government to implement a faceless, technology-driven scheme for reassessing...
Section 10(4G) of the Income Tax Act, 1961 in India provides an exemption for certain income earned by...
Section 17(3) defines “profits in lieu of salary” as payments received by an employee in...
Income tax laws in India provide various deductions and exemptions to taxpayers, helping them reduce...
Section 9 of the Income Tax Act, 1961 is an important provision that deals with the taxation of income...
The Goods and Services Tax (GST), a comprehensive indirect tax system, has been a transformative step...
1. Primary Responsibilities of Deductor
Tax Deduction at Source:
Must deduct correct % as per Income...
Section 10(12A) of the Income Tax Act, 1961 provides important tax benefits for withdrawals from the...
1. Who is Liable?
Every taxpayer(individuals, HUFs, companies, firms, etc.) whose estimated tax liability for...
Section 10(1) of the Income-tax Act, 1961 exempts agricultural income from income-tax. However, net agricultural...
Section 194P of the Income Tax Act, 1961, provides a TDS exemption for senior citizens (aged 75+) with...
Section 140A mandates taxpayers to self-assess their income, calculate tax liability, and pay any outstanding...
Section 156 of the Income Tax Act, 1961, governs the issuance of demand notices by the Assessing Officer...