Section 10(10C) of the Income Tax Act provides an exemption to employees who receive a certain amount...
Section 25A of the Income Tax Act, 1961, governs the tax treatment of arrears of rent (unpaid rent recovered...
Section 115JB mandates that companies calculate Minimum Alternate Tax (MAT) based on book profits (derived...
Here’s a detailed breakdown of the penalties for failure to deduct or pay Equalisation Levy (EL) under Section...
Section 10(11A) provides full tax exemption on withdrawals from a Sukanya Samriddhi Account (SSA), making...
Section 234B(3) deals with the recalculation of interest under Section 234B when the assessed tax is...
Section 10(23DA) of the Income Tax Act provides a tax exemption for income earned by a securitisation...
Section 194H of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made as commission...
Under Explanation 1(iii) to Section 115JB(2), companies can deduct the lower of:
Brought forward losses(as...
Section 132B governs how assets seized under Section 132 or requisitioned under Section 132A are to be utilized,...
Section 54B of the Income Tax Act, 1961, provides a tax exemption on capital gains arising from the transfer...
(1) When a company goes into liquidation, it is important to understand the implications it can...
What are the Deemed Profits and how they chargeable to Tax as Business Income
1. Recovery against any...
In India, the Income Tax Act provides various exemptions to taxpayers to encourage investments and promote...
The provisions relating to Direct Taxes for the Financial Year 2025-26 in India include several key changes...
Section 234B(1) of the Income Tax Act, 1961, imposes interest if an assessee either:
Fails to pay advance...
Section 10(1) of the Income-tax Act, 1961 exempts agricultural income from income-tax. However, net agricultural...
Section 115BBE of the Income Tax Act, 1961 imposes a flat 60% tax rate (plus 25% surcharge and 4% cess,...
1. Scope of Total Income / Incidence of Tax [Section 5]
Total income of an assessee cannot be computed...
Section 196C of the Income Tax Act, 1961 mandates Tax Deducted at Source (TDS) on income paid to non-residents (including...