Ministry of Finance
HIGHLIGHTS OF THE UNION BUDGET 2024-25
Posted On: 23 JUL 2024 1:17PM by PIB Delhi
The...
Section 194BB of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on winnings from horse...
Section 264B of the Income Tax Act, 1961, pertains to the faceless effect of orders passed under the...
Applicable to: Individuals & HUFs (for self or dependent relatives)
This section provides tax relief...
Section 72 of the Income Tax Act, 1961, governs the carry forward and set-off of business losses, allowing...
1. Clarification in respect of Disallowance under Section 14A in absence of any Exempt Income during...
1. Definition of “Person” under Section 2(31)
Section 2(31) of the Income Tax Act, 1961...
1. Basic Condition
A taxpayer is liable to pay advance tax if:
Estimated tax liability(after deducting...
Section 10(48A) of the Income Tax Act provides an exemption in respect of income earned by a foreign...
Section 206C of the Income Tax Act, 1961 mandates sellers to collect tax at source (TCS) from buyers...
Applicable to: All taxpayers (Individuals, HUFs, Firms, etc.)
This section provides 100% deduction for...
Under Explanation 1(iii) to Section 115JB(2), companies can deduct the lower of:
Brought forward losses(as...
1. Overview
Legal Provision: Allows TCS collectorsto file a correction statement to rectify errors in...
CBDT issues clarification in respect of Income-tax clearance certificate (ITCC)-Press Release by PIB
Ministry of Finance
CBDT issues clarification in respect of Income-tax clearance certificate (ITCC)
It...
The provisions, which are being discussed under various sub-sections of section 40A have overriding effect ...
Certain BCD exemptions entries under S No. 50/2017-Customs dated 30.6.2017 and other notifications are...
The Companies Act, 2013 outlines various penalties and offences that can be imposed on companies and...
Section 164(2) of the Income Tax Act, 1961, deals with the taxation of discretionary trusts, including charitable...
Section 115JB(2) mandates that the Statement of Profit & Loss (P&L) for MAT computation must...
Amendment of Section 2 [Total Income” for the purpose of Taxation]
3. In section 2 of the Income-tax...