The Income Tax Act, 1961 governs the taxation of companies in India, outlining rules for computation,...
Section 43B of the Income Tax Act, 1961 is a crucial provision that disallows certain expenses unless...
Under the Income Tax Act, 1961, taxpayers have several remedies against orders passed by the Commissioner...
Section 9 of the Income Tax Act, 1961 is an important provision that deals with the taxation of income...
To avail tax exemption under Section 11, a charitable or religious trust must satisfy the following mandatory...
1. Legal Definition (Section 2(14))
A capital asset means:
Property of any kind held by an assessee...
GST Audit under Section 65 of the CGST Act, 2017 is conducted by the tax authorities to verify the correctness...
Section 10(23AAA) of the Income Tax Act provides an exemption for income received by any person on behalf...
1. Overview
Section 293C of the Income Tax Act, 1961 empowers the Central Government to withdraw approvals...
The treatment of business income for a charitable or religious trust under the Income Tax Act, 1961 is...
Note:
(a) “Basic Excise Duty” means the excise duty set forth in the Fourth Schedule to the...
Following goods are being exempted from levy of Social Welfare Surcharge
S. No.
Description
1.
Natural...
Section 250 of the Income Tax Act, 1961 governs the procedure followed by the Commissioner of Income...
Key Rule:
Section 61 (taxation of revocable transfers) does NOT applyif the transfer is irrevocable...
1. Understanding the Principle of Mutuality
The principle of mutuality relates to the notion that a person...
Under Section 54G, the Exemption is available to all categories of assessees in respect of Capital Gain...
Certain BCD exemptions entries under S No. 50/2017-Customs dated 30.6.2017 and other notifications are...
What are the Deemed Profits and how they chargeable to Tax as Business Income
1. Recovery against any...
“Deemed profits” are amounts that aren’t traditional business income, but are still taxed as business...
1. Definition of ‘Transfer’ [Section 2(47)]
A transfer includes:
Sale, exchange, or relinquishment
Compulsory...