1. Business [Section 2(13)]
Business includes:
Any trade, commerce, or manufacturing activity;
Any adventure...
Objective: To discourage large cash transactions and promote digital payments.
1. Key Provisions of Section...
Special Provisions for computing Business income in certain cases on the basis of Estimated Income Method...
Under Section 10(17A) of the Income Tax Act, any award or reward received by an individual in recognition...
Section 26 of the Income Tax Act governs the taxation of income from properties jointly owned by two...
The “Full Value of Consideration” (FVC) is the total amount received or receivable when a...
Section 193 of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on interest earned from...
Section 115BAB of the Income Tax Act, 1961 provides a concessional tax rate of 15% (plus surcharge &...
Section 194E of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made to non-resident...
Section 241A allows the Income Tax Department to withhold refunds in certain cases, even if a taxpayer...
Gratuity is a payment made by the employer to an employee in appreciation of the past services rendered...
Compensation received under a Voluntary Retirement Scheme (VRS) or Voluntary Separation Scheme is partially...
1. Core Rule (Strict Liability)
No PAN = Higher TDS/TCS:
TDS rate: 20%(instead of normal rate)
TCS...
Here’s a detailed explanation of Section 269SS of the Income Tax Act, 1961, which governs the mode of...
Section 139B of the Income Tax Act, 1961, allows taxpayers to file their income tax returns through authorized...
1. Overview
When a taxpayer fails to pay advance tax voluntarily, the Assessing Officer (AO) can issue...
Section 139(1) of the Income Tax Act, 1961, lays down the rules for who must file an Income Tax Return...
Pensions are fixed sums of money that individuals receive at regular intervals after retirement. They...
Here’s a detailed breakdown of the penalties for failure to deduct or pay Equalisation Levy (EL) under Section...
Section 153 prescribes strict deadlines for completing assessments, reassessments, and recomputations under...