Section 80DDB of the Income Tax Act in India provides a deduction for individuals and Hindu Undivided...
Retirement benefits such as pension, gratuity, provident fund, and leave encashment are taxed differently...
Overview
Section 157A of the Income Tax Act, 1961, was introduced to empower the Central Government to...
1. Legal Basis for TDS Certificates
Section 203of the Income Tax Act, 1961 mandates that every deductor must...
Section 194-IA of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made for...
1. Basic Rule for HUF Residency
A HUF is Resident in India if:
“Control and management of its affairs...
Section 10(23FBC) of the Income Tax Act provides a tax exemption for income earned by a unit holder from...
Under the Goods and Services Tax (GST) regime in India, certain banking-related services are either exempt...
Section 80RRB of the Income Tax Act, 1961, provides for a deduction in respect of royalty income received...
Applicable to: All taxpayers (Individuals, HUFs, Firms, etc.)
This section provides 100% deduction for...
Interest income is one of the common sources of income for individuals and businesses alike. When it...
Goods and Services Tax (GST) in India is a comprehensive, multi-stage, destination-based tax that is...
Cases or situations of Tax Relief under section Section 89/Rule 21A when Salary is Paid in Arrears or...
Explanation (iv) to Section 48 of the Income Tax Act, 1961, governs the indexation of improvement costs for...
For income to be taxed under the head “Income from House Property” (Sections 22-27 of the...
Here’s a detailed overview of Return of Income and Procedure of Assessment (Sections 139 to 154) under...
1. Legal Definitions
A. “Seller” (Section 206C(1))
Who is a Seller?
Any person/entity(individual,...
Applicable to: Individuals
This section allows a deduction for contributions made to approved pension...
Key Rule:
Section 61 (taxation of revocable transfers) does NOT applyif the transfer is irrevocable...
1. Primary Responsibilities of Deductor
Tax Deduction at Source:
Must deduct correct % as per Income...