Section 68 is a critical anti-evasion provision that targets unexplained sums credited in a taxpayer’s...
1. Basic Rule for HUF Residency
A HUF is Resident in India if:
“Control and management of its affairs...
Section 194D of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made as insurance...
Provisions and Amendments Relating to Direct Tax Vivad se Vishwas Scheme, 2024
The Income-tax Act, 1961...
Section 28 of the Income Tax Act, 1961 defines the incomes chargeable under the head “Profits and...
1. Key Provision
Section 37(2B)of the Income Tax Act, 1961, disallows any deduction for expenses incurred...
Section 158AA of the Income Tax Act, 1961 (inserted via Finance Act, 2015) provides a mechanism to prevent...
Applicable to: Indian Companies
This section provides 100% tax deduction for contributions made by Indian...
1. Purpose of Section 115JAA
Allows companies to claim creditfor excess MAT paid (when MAT > normal...
This section provides tax exemptions on certain types of interest income earned from specified bonds,...
PARTICULARS
AMOUNT (₹)
REMARKS
Gross Receipts (Sales/Fees)
XXX
Total business income
Less: Cost...
Income tax laws can be complex and confusing, especially when it comes to understanding the various exemptions...
Section 196C of the Income Tax Act, 1961 mandates Tax Deducted at Source (TDS) on income paid to non-residents (including...
Section 10(1) of the Income-tax Act, 1961 exempts agricultural income from income-tax. However, net agricultural...
Section 10(10D) of the Income Tax Act, 1961, provides tax exemption on the sum received under a life...
Agricultural income and its tax treatment in India fall under Section 10(1) of the Income Tax Act, 1961....
Under the Explanation to Section 139(9) of the Income Tax Act, 1961, a return is considered defective if...
Section 10(13A) of the Income Tax Act, 1961 provides an exemption for the House Rent Allowance (HRA) received...
(1) Unit Linked Insurance Policies (ULIPs) have gained popularity as a dual investment-cum-insurance...
(A) Providing Tax Relief
A.1 Substantial relief is proposed under the new tax regime with new slabs and...