Section 80RRB of the Income Tax Act, 1961, provides for a deduction in respect of royalty income received...
Section 140 of the Income Tax Act, 1961 specifies who must verify the return of income and the authorized...
Here’s a structured breakdown of the types, definitions, and residential status of companies under the Income...
1. Legal Definition
Primary Responsibility: The person legally obligated to deduct TCS/TDS under the...
Understanding of Section 80D
Section 80D of the Income Tax Act provides individuals with a deduction...
Section 140A mandates taxpayers to self-assess their income, calculate tax liability, and pay any outstanding...
Section 132B governs how assets seized under Section 132 or requisitioned under Section 132A are to be utilized,...
Section 37(1) of the Income Tax Act, 1961 is a crucial provision that allows businesses and professionals...
1. What is equalization levy (EL)?
This is a tax leviable on consideration received or receivable by...
Employee Stock Option Plan (ESOP) has gained popularity as a tool for employee retention, especially...
Section 44ADA of the Income Tax Act, 1961 provides a simplified presumptive taxation scheme for eligible...
Amendment of Section 2 [Total Income” for the purpose of Taxation]
3. In section 2 of the Income-tax...
Section 10(6BB) of the Income Tax Act, 1961 provides a tax exemption to foreign governments or foreign...
Applicable to: All taxpayers (Individuals, HUFs, Firms, etc.)
This section provides 100% deduction for...
Applicable to: *Resident Individuals with 40%+ Disability*
This section provides fixed tax deductions to...
Section 45(3) of the Indian Income Tax Act, 1961, deals with the taxation of capital gains arising from...
Section 10(23BBB)- Tax Exemption for income earned by the European Economic Community (EEC) in India
Section 10(23BBB) of the Income Tax Act provides a tax exemption for income earned by the European Economic...
Yes, a loss can arise under “Income from House Property” due to high interest on home loans or low...
Interest income is one of the common sources of income for individuals and businesses alike. When it...
Section 206C of the Act provides for tax collection at source (TCS) on business of trading in alcoholic...