1. Legal Provision
Section 206C(6)imposes penalties on sellers/collectors who fail to collect Tax Collected...
Income tax laws in India provide various deductions and exemptions to taxpayers, helping them reduce...
Under Section 239 of the Income Tax Act, 1961, and related provisions, here are the key details regarding...
Section 156 of the Income Tax Act, 1961, governs the issuance of demand notices by the Assessing Officer...
The term “actual cost” in the context of asset acquisition plays a pivotal role in income...
Section 211 of the Income Tax Act, 1961, mandates the payment of advance tax in four instalments during...
The Public Provident Fund (PPF) scheme is a very popular long-term savings scheme in India because of...
1. Legal Definition (Section 2(14))
A capital asset means:
Property of any kind held by an assessee...
Introduced by the Finance Act, 2023, these provisions impose a “Ceasing Tax” on charitable/religious...
Section 54H of the Income Tax Act, 1961 in India provided for an extension of time for acquiring a new...
Compensation received by an individual or their legal heirs in the event of a disaster is governed by...
Here’s a detailed analysis of the taxability of interest on compensation or enhanced compensation under...
1. Purpose of Rule 6G
Prescribes the forms and mannerfor submitting tax audit reports
Mandates the format...
Section 44AB of the Income Tax Act, 1961 mandates a compulsory tax audit for businesses and professionals...
1. Mandatory E-Filing Requirement
All tax deductorsmust electronically file quarterly TDS statements
Applies...
Income referred to in Section 68, 69A, 69B, 69C and 69D which are undisclosed income and Investments...
Section 143(3) deals with the scrutiny assessment process in Indian income tax law. This assessment is...
Interest on Non-resident (External) Account (NRE) is exempt from income tax in India under Section 10(4)(ii)...
Notification No. 02/2025 [F. No. 275/110/2024-IT(B)] Dated 2nd January, 2025
MINISTRY OF FINANCE
(Department...
Here’s a detailed analysis of Section 139AA of the Income Tax Act, 1961, which mandates the quoting and...