Annual Value is the taxable value assigned to a property for calculating “Income from House Property”....
Section 147 empowers the Assessing Officer (AO) to reassess or recompute income that has escaped taxation in...
Section 234D of the Income Tax Act, 1961, mandates that taxpayers repay excess refunds received during...
Ministry of Finance
CAPITAL GAINS TAXATION SIMPLIFIED AND RATIONALISED
SHORT TERM GAINS TO ATTRACT A...
1. Applicability
Section 56(2)(ib) covers casual and non-recurring income from:
Lotteries(including...
Following goods are being exempted from levy of Social Welfare Surcharge
S. No.
Description
1.
Natural...
Applicable to: DPIIT-recognized startups (Private Companies/LLPs)
This section provides a 100% tax deduction...
Here’s a detailed breakdown of the collection and recovery of Equalisation Levy (EL) under Sections 166...
Under Section 251 of the Income Tax Act, 1961, the Commissioner of Income Tax (Appeals) [CIT(A)] has wide-ranging...
Section 43CA of the Income Tax Act, 1961 addresses the taxation of undervalued transactions involving business...
1. Overview
Introduced: Finance Act, 2004.
Objective: Ensure tax compliance on income from leases/licenses...
Section 139(4) of the Income Tax Act, 1961, allows taxpayers to file a belated return if they miss the...
Section 193 of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on interest earned from...
Section 80GG of the Income Tax Act allows individuals to claim deductions for the rent paid when they...
Understanding of Section 80P
Section 80P of the Income Tax Act, 1961 provides a deduction in respect...
Under the Income Tax Act, 1961, the following business/profession expenses are expressly allowed as deductions...
What are the Deemed Profits and how they chargeable to Tax as Business Income
1. Recovery against any...
Section 92 of The Income Tax Act 1961, states that any income, expenditure interest & allocation...
Section 43CB of the Income Tax Act, 1961 standardizes the computation of income from construction contracts and service...
In India, the Income Tax Act provides various exemptions to taxpayers to encourage investments and promote...