The term “actual cost” in the context of asset acquisition plays a pivotal role in income...
1. Overview
Introduced: Finance Act, 2004.
Objective: Ensure tax compliance on income from leases/licenses...
When a disaster strikes, it can cause immense damage to life and property. In such difficult times, the...
Unrealised rent refers to rental income that is due but not received from a tenant. The Income Tax Act,...
Here’s a structured overview of Collection of Tax at Lower Rate under Section 206C(9), (10), (11)...
Concept:
Section 60applies when a person transfers only the right to receive income from an asset without...
The Income Tax Appellate Tribunal (ITAT) is the second appellate authority under the Income Tax Act,...
Section 54GA of the Income Tax Act, 1961, provides tax exemption on capital gains when a business relocates...
1. Allowances- Income under the head Salaries
Allowance is a fixed monetary amount paid by the employer...
Where any person receives at any time during any previous year any money or other assets under an insurance...
Section 10(23AAB) of the Income Tax Act provides an exemption for income of a pension fund set up by:
Life...
Section 10(1) of the Income-tax Act, 1961 exempts agricultural income from income-tax. However, net agricultural...
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
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New...
Explanation (iv) to Section 48 of the Income Tax Act, 1961, governs the indexation of improvement costs for...
Any expenditure (not being expenditure of the nature described in sections 30 to 36) and not of capital...
Section 194 of the Income Tax Act, 1961, governs Tax Deducted at Source (TDS) on dividend payments made...
1. Basic Concepts
AOP (Association of Persons): Group formed for common purpose (business/profession)
BOI...
The Budget Speech for 2025-26 by Finance Minister Nirmala Sitharaman, presented in Parliament, outlines...
In the following Cases, Instances of Agricultural and Non-Agricultural Incomes are described in details...
Note:
(a) “Basic Customs Duty (BCD)” means the customs duty levied under the Customs Act, 1962.
(b)...