1. Who is Liable?
Every taxpayer(individuals, HUFs, companies, firms, etc.) whose estimated tax liability for...
The Equalisation Levy in India, governed by Chapter VIII of the Finance Act, 2016, imposes a tax on certain...
1. Overview
When a taxpayer fails to pay advance tax voluntarily, the Assessing Officer (AO) can issue...
Under the Income Tax Act, 1961, individuals and Hindu Undivided Families (HUFs) can claim exemptions...
Applicable to: Individuals
This section allows a deduction for contributions made to approved pension...
1. Business [Section 2(13)]
Business includes:
Any trade, commerce, or manufacturing activity;
Any adventure...
1. Scope of Total Income / Incidence of Tax [Section 5]
Total income of an assessee cannot be computed...
1. Overview
Introduced: Finance Act 2021 (effective from 1st July 2021).
Purpose: Imposes higher Tax...
Compensation received under a Voluntary Retirement Scheme (VRS) or Voluntary Separation Scheme is partially...
Section 30 to 35 covers the following expenses Allowed as Deduction while computing Profits and Gains...
Agricultural income holds a special position in India’s taxation system, with specific exemptions...
1. Key Provision
Section 37(2B)of the Income Tax Act, 1961, disallows any deduction for expenses incurred...
Tax on distributed income of domestic company for buy-back of shares
Special provisions relating to tax...
Here’s a detailed breakdown of fully taxable allowances for the computation of salary income in India,...
Section 72 of the Income Tax Act, 1961, governs the carry forward and set-off of business losses, allowing...
1. Statutory Framework
Section 5 defines the scope of total income based on the taxpayer’s residential...
1. Legal Requirement
Section 206C(5): Mandates that every seller/collectormust issue a TCS certificate...
The Goods and Services Tax (GST), a comprehensive indirect tax system, has been a transformative step...
Under the Income Tax Act, 1961, the following business/profession expenses are expressly allowed as deductions...
Section 234C of the Income Tax Act, 1961, pertains to the levy of interest for deferment of advance tax....