Income under the head ‘Income from House Property’ under Section 22 to 27 has been described with practical...
Section 234C of the Income Tax Act, 1961, pertains to the levy of interest for deferment of advance tax....
1. Legal Status of Default
Deductor becomes “Assessee in Default”for:
Failure to deduct...
The residential status of a company is a crucial factor in determining its tax liability in India. Section...
Section 115JB mandates that companies calculate Minimum Alternate Tax (MAT) based on book profits (derived...
1. Legal Provision
Section 206C (7)mandates that sellers/collectors must pay interest if they:
Fail...
The article you’re viewing discusses significant changes to the regulations governing Charitable Trusts...
Section 198 of the Income Tax Act, 1961 establishes a fundamental principle that any tax deducted at...
Discover How ULIP Taxation 2025-26 Works Under The New Income Tax Act. Learn About Capital Gains Tax...
Section 10(6B) of the Income Tax Act, 1961, provides a tax exemption to non-residents (including foreign...
1. Key Features of Section 69
Objective: Targets unexplained investments(e.g., property, gold, shares)...
Section 92 of The Income Tax Act 1961, states that any income, expenditure interest & allocation...
1. Applicability
Section 56(2)(ii) covers rental income from:
Machinery
Plant(equipment, tools, vehicles)
Furniture
when not...
Section 194-IA of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made for...
1. General Rule for All Non-Company Entities [Section 6(2)]
The residential status of Firms, AOPs, BOIs,...
Section 285B of the Income Tax Act, 1961, mandates producers of cinematograph films and persons engaged...
Unrealised rent refers to rental income that is due but not received from a tenant. The Income Tax Act,...
1. Overview
Section 115BBD provided a concessional tax rate of 15% (plus surcharge and cess) on dividends...
The Income Tax Act, 1961, provides specific cases where TDS is not required to be deducted, even if the...
Section 192 mandates employers to deduct Tax Deducted at Source (TDS) from employees’ salaries...