[Section 234A (1)]: Interest for Default in Furnishing Return of Income
Applicability: Section 234A(1) of the Income Tax Act, 1961, levies interest if an assessee fails to file their...
Section 10(23C)- Tax Exemption to certain Funds, Institutions, Universities, And Hospitals that are established for Charitable or Religious Purposes
Section 10(23C) of the Income Tax Act provides tax exemption to certain funds, institutions, universities,...
PAN Card Correction / Modification
1. Making changes or Correction in PAN data Suppose an applicant needs to change or correct a data on...
Rates of Depreciation under Companies Act, 2013 [ Depreciation Rate Chart]
as per Part “C” of Schedule II of the Companies Act, 2013 after making following assumptions: The...
Equalisation Levy (EL) Statement Scheme,2023
S.O. 614(E).-In exercise of the powers conferred by sub-section (2) of section 168 of Finance Act, 2016...
Investment Planning for Middle Class Family
1.  Investment in Sukanya Samriddhi Yojana for Tax Saving for AY 2022-23 & 2023-24 Sukanya Samriddhi...
Prescribed Allowances Exempt Under Section 10(14)
Section 10(14) provides exemptions for certain special allowances granted to employees for specific purposes....
Valuation of Retirement Benefits – for Calculating Taxable Salary Income
1.  Gratuity Gratuity is a payment made by the employer to an employee in appreciation of the past services...
Revocation of Cancellation of Registration under GST: A Comprehensive Guide
Revocation of Cancellation of Registration under GST is a process that allows a taxpayer to restore their...
Understanding the Taxation of Dividends in India: From Dividend Distribution Tax to Recipient-Based Taxation
The taxation of dividends in India has undergone significant changes over the years. This article aims...
CBDT rolls out e-DRS Scheme, 2022 (PIB Press Release)
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** New...
Section 80GGA: Deduction for Donations to Scientific Research & Rural Development
Applicable to: All taxpayers (Individuals, HUFs, Firms, etc.) This section provides 100% deduction for...
Section 80GGC: Deduction for Contributions to Political Parties
Applicable to: Individuals, HUFs, Firms, AOPs, BOIs, and others (except companies) This section provides...
[Section 270A]: Penalty for Under-Reporting and Misreporting of Income
Here’s a detailed breakdown of Section 270A of the Income Tax Act, 1961, which imposes penalties for under-reporting and misreporting of...
Carry Forward and Set Off of Loss from House Property [Section 71B]
Section 71B of the Income Tax Act, 1961, governs the carry forward and set-off of losses from house property,...
Exemption in respect of certain income of wholly owned subsidiary of Abu Dhabi Investment Authority and of Sovereign Wealth Fund [Section 10(23FE)]
Section 10(23FE) of the Income Tax Act provides an exemption in respect of certain income of wholly owned...
Amnesty Scheme under Section 128A of the CGST Act, 2017: A Comprehensive Overview
The introduction of Section 128A in the Central Goods and Services Tax (CGST) Act, 2017, by the Finance...
Income arising to a Shareholder on account of Buy Back of Shares [Section 10(34A)]
Income arising to a shareholder on account of Buy Back of Shares is governed by Section 10(34A) of the...
Section 10(4)-Income by way of Interest to Non-Resident
Section 10(4) of the Income Tax Act, 1961 in India provides an exemption for certain types of interest...
Provisions and Amendments Relating to “Rates of Income Tax” under Finance (No.2) Bill, 2024
The provisions of Finance (No. 2) Bill, 2024 (hereafter referred to as “the Bill”), relating...
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