Section 167 of the Finance Act, 2016 (Chapter VIII) governs the furnishing of statements for the Equalisation...
1. Allowances- Income under the head Salaries
Allowance is a fixed monetary amount paid by the employer...
1. Scope of Section 56(2)(id)
This provision covers interest income from securities when:
Not chargeable...
Section 54EC of the Income Tax Act, 1961, provides tax exemption on long-term capital gains (LTCG) from...
Here’s a consolidated table of the revised TDS threshold limits effective from April 1, 2025, based on...
Applicable to: Individuals & HUFs
This section provides tax benefits for health-related expenditures,...
Section 72 of the Income Tax Act, 1961, governs the carry forward and set-off of business losses, allowing...
The commuted value of pension refers to the lump sum amount received by an employee in lieu of a portion...
Under Section 249 of the Income Tax Act, 1961, along with Rules 45 and 46 of the Income Tax Rules, the...
Section 219 of the Income Tax Act, 1961 governs how advance tax payments are credited against a taxpayer’s...
The taxpayer has to communicate the details of his taxable income/loss to the Income tax Department.
These...
This section provides exemption for certain allowances received by employees to meet expenses incurred in...
The term “actual cost” in the context of asset acquisition plays a pivotal role in income...
Under the Indian Income Tax Act, 1961, the taxability of income from letting out of machinery, plant,...
(A) Providing Tax Relief
A.1 Substantial relief is proposed under the new tax regime with new slabs and...
Section 194-I of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on rent payments exceeding...
1. Agricultural Income [Section 10(1)]
As per Section 10(1) of the Income Tax Act, agricultural income...
Section 10(10AA) of the Income Tax Act, 1961 provides important tax exemptions for leave encashment (also...
Section 196B of the Income Tax Act, 1961 governs the Tax Deducted at Source (TDS) on income paid to non-residents or foreign...
Notification No. 09/2025 [F. No. 370142/18/2024-TPL] Dated 21th January, 2025
MINISTRY OF FINANCE
(Department...