Note:
(a) “Basic Excise Duty” means the excise duty set forth in the Fourth Schedule to the...
Section 139(1) of the Income Tax Act, 1961, lays down the rules for who must file an Income Tax Return...
Section 132A empowers the Income Tax Department to requisition (take custody of) books of account, documents,...
Gratuity is a lump-sum payment made by an employer to an employee as a token of appreciation for long-term...
Sukanya Samriddhi Account is a Government of India backed saving scheme targeted at the parents of girl...
1. Legal Basis and Purpose
Section 203Amandates obtaining a 10-digit alphanumeric TAN for entities deducting/collecting...
1. Overview
Introduced: Finance Act 2021 (effective from 1st July 2021) .
Purpose: Encourage tax compliance...
Notification No. 08/2025 [F. No. 370153/01/2025-TPL] Dated 20th January, 2025
MINISTRY OF FINANCE
(Department...
Section 268 of the Income Tax Act, 1961 provides a relief mechanism for taxpayers and the tax department...
(A) In the case of every Individual or Hindu Undivided Family (HUF)
(A1) If the individual or HUF...
The Central Board of Direct Taxes (CBDT) has issued Notification No. 2 of 2024, which addresses the time...
Section 115JB(2) mandates that the Statement of Profit & Loss (P&L) for MAT computation must...
Applicable to: Businesses engaged in collecting/processing biodegradable waste
This section provides...
1. Primary Responsibilities of Deductor
Tax Deduction at Source:
Must deduct correct % as per Income...
Understanding Section 10(10)
Section 10(10) provides tax exemption on gratuity payments received by employees....
Purpose:
This section provides a full tax exemption on the income of local authorities, such as municipalities,...
This section provides tax exemptions on certain types of interest income earned from specified bonds,...
Following goods are being exempted from levy of Social Welfare Surcharge
S. No.
Description
1.
Natural...
An Income Tax Survey is a legal procedure under Section 133A of the Income Tax Act, 1961, where tax authorities...
1. Applicability
Section 56(2)(x) covers:
Cash gifts
Immovable property(land, buildings)
Movable property(jewelry,...