Retirement benefits such as pension, gratuity, provident fund, and leave encashment are taxed differently...
The Government of India has introduced a new Amnesty Scheme under GST, notified via Notification No. 17/2024 –...
1. Section 70: Inter-Source Adjustment – Set Off of Loss from one Source against Income from another...
Section 54B of the Income Tax Act, 1961, provides a tax exemption on capital gains arising from the transfer...
When non-residents (NRIs/Foreign Investors) transfer shares/debentures of Indian companies, special tax...
1. Overview
Introduced: Finance Act 2021 (effective from 1st July 2021) .
Purpose: Encourage tax compliance...
1. Individual and HUF Applicants who are Citizens of India and Located Within and Outside India at the...
Section 10(23BBE) of the Income Tax Act provides a complete tax exemption for the income of the Insurance...
Gratuity is a lump-sum payment made by an employer to an employee as a token of appreciation for long-term...
Unit Linked Insurance Plans (ULIPs) are a unique financial product that offers the dual benefits of life...
Applicable to: *Farmer Producer Companies (FPCs) registered under Companies Act, 1956/2013*
This section...
INTRODUCTION-
The Goods and Services Tax (GST) system has revolutionized taxation in India, streamlining...
The provisions relating to Direct Taxes for the Financial Year 2025-26 in India include several key changes...
Section 44ADA of the Income Tax Act, 1961 provides a simplified presumptive taxation scheme for eligible...
A format to compute the capital gain is given below:
Computation of Short-term Capital Gains
Full...
Section 10(23FF) of the Income Tax Act provides a targeted capital gains exemption for non-residents...
Section 195 of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made to non-residents...
Section 10(26) of the Income Tax Act provides a tax exemption for members of Scheduled Tribes residing...
1. Legal Status of Default
Deductor becomes “Assessee in Default”for:
Failure to deduct...
Section 10(10CC) of the Income Tax Act, 1961, deals with the tax treatment of non-monetary perquisites...