Here’s a detailed breakdown of tax-free perquisites applicable to all employees under the Income Tax...
1. Basic Rule for HUF Residency
A HUF is Resident in India if:
“Control and management of its affairs...
Section 38 of the Income Tax Act, 1961 governs deductions for depreciation and other expenses related...
1. Firm to be Assessed as Firm
Essential conditions prescribed under section 184 of the Income-tax Act,...
Section 10(30) of the Income Tax Act provides a tax exemption for subsidies received by tea growers and...
Section 144 of the Income Tax Act, 1961, empowers the Assessing Officer (AO) to determine a taxpayer’s...
Section 55(2) of the Income Tax Act, 1961, provides crucial rules for determining the cost of acquisition of...
Section 45(3) of the Indian Income Tax Act, 1961, deals with the taxation of capital gains arising from...
Section 10(10A) of the Income Tax Act in India relates to the tax treatment of payments made in commutation...
Understanding of Section 56(2)(i)
In India, the taxation of dividends is governed by the provisions of...
Yes, a loss can arise under “Income from House Property” due to high interest on home loans or low...
Under the Income Tax Rules/ Act, certain taxpayers are required to get their accounts audited and submit...
The Finance (No. 2) Bill, 2024, has introduced several significant amendments to the capital gains tax...
Section 28 of the Income Tax Act, 1961, is a key provision that defines the types of income chargeable...
Section 74 of the Income Tax Act, 1961 governs the treatment of capital losses, providing specific rules...
The transformation of a Partnership Firm or a Proprietorship Firm into a Private Limited Company is a...
Under Section 139(4B) of the Income Tax Act, 1961, political parties in India are mandatorily required to...
Under Section 10(35A) of the Act, any income received by an investor from a securitisation trust is exempt...
Introduction-
The CBIC vide Notification No. 04/2024 – Central Tax dated January 05, 2024, notified the...
Section 10(23BBA) of the Income Tax Act provides a tax exemption for the income of any body or authority...