Exemption of amount received by an individual as Loan under Reverse Mortgage Scheme [Section 10(43)]
Reverse mortgage is a financial scheme that allows senior citizens to convert their home equity into...
Section 56(2)(viib) of the Income Tax Act, 1961, is a provision that pertains to closely-held companies...
Rule 12 of the Income Tax Rules, 1962, prescribes the forms, conditions, and procedures for filing income...
Introduction
The Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax...
Here’s a comprehensive analysis of Section 56(2)(viib) of the Income Tax Act, 1961, which taxes share...
Section 234D of the Income Tax Act, 1961, mandates that taxpayers repay excess refunds received during...
To simplify tax compliance and enhance the ease of doing business, the Finance Act has proposed significant...
Section 132 of the Income Tax Act empowers tax authorities to conduct searches and seize undisclosed...
Here’s a detailed breakdown of tax-free perquisites applicable to all employees under the Income Tax...
Under the Explanation to Section 139(9) of the Income Tax Act, 1961, a return is considered defective if...
1. Legal Status of Default
Deductor becomes “Assessee in Default”for:
Failure to deduct...
1. Applicability of Section 56(2)(ic)
This provision covers any sum of money received by an employer from...
Applicable to: Indian Resident Individuals (Inventors/Patent Holders)
This section provides tax relief...
CBDT issues clarification in respect of Income-tax clearance certificate (ITCC)-Press Release by PIB
Ministry of Finance
CBDT issues clarification in respect of Income-tax clearance certificate (ITCC)
It...
The Inverted Duty Structure (IDS) under the Goods and Services Tax (GST) regime is a situation where...
Insertion of new section 8A.
153. In the Goods and Services Tax (Compensation to States) Act, 2017 (15...
Section 115BAC of the Income Tax Act, 1961, introduces a simplified tax regime with lower slab rates...
Section 194BB of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on winnings from horse...
Section 10(34A) of the Income Tax Act provides a tax exemption for shareholders on income received from...
Leave encashment refers to the practice of converting accumulated leave into cash. Many organizations...