Circular No. 03/2025 [F. No. 275/107/2024-IT(B)] Dated 20th February, 2025
Government of India
Ministry...
1. Key Provision
Section 37(2B)of the Income Tax Act, 1961, disallows any deduction for expenses incurred...
Section 17(3) defines “profits in lieu of salary” as payments received by an employee in...
Section 68 is a critical anti-evasion provision that targets unexplained sums credited in a taxpayer’s...
To legally establish and operate a Charitable & Religious Trust in India, the following registrations are...
Section 132A empowers the Income Tax Department to requisition (take custody of) books of account, documents,...
Note:
(a) “Basic Customs Duty (BCD)” means the customs duty levied under the Customs Act, 1962.
(b)...
Provident Fund Scheme is a welfare scheme for the benefit of the employees. Under this scheme, certain...
The Tonnage Tax Scheme is a special taxation regime introduced under Chapter XII-G (Sections 115V to...
Section 28 of the Income Tax Act, 1961 defines the incomes chargeable under the head “Profits and...
Under the Income Tax Act, individuals and Hindu Undivided Families (HUFs) have the option to be taxed...
Notification No. 03/2025 [F. No. 275/109/2024-IT(B)] Dated 2nd January, 2025
MINISTRY OF FINANCE
(Department...
Section 43B- Deductions Allowed only on Actual Payment -Profits and Gains of Business and Profession
Under Section 43B, some of the Expenses are allowed and can be claimed by the Assessee only in the year...
An approved research association refers to an organization that is primarily engaged in scientific research....
Section 10(12) of the Income Tax Act governs the tax treatment of withdrawals from a Recognised Provident...
1. Unexplained Cash Credits [Section 68]
Where any sum is found credited in the books of an assessee,...
Section 139(5) of the Income Tax Act, 1961, allows taxpayers to correct errors or omissions in their...
[Section 46A] : Capital Gains on Purchase by Company of its Own Shares or Other Specified Securities
(1) Capital gains tax is an important aspect of the Indian Income Tax Act, 1961. Section 46A of...
When it comes to investing in mutual funds, it is important to understand the various tax implications....
Section 43CA of the Income Tax Act, 1961 addresses the taxation of undervalued transactions involving business...