Under Section 10(4D) of the Income Tax Act, a specified fund is eligible for certain exemptions on its...
A closely held company (where the public is not substantially interested) is subject to stricter tax...
1. Core Principle (Tax Credit Mechanism)
Shield for Taxpayers: When tax has been duly deducted at source...
House Rent Allowance (HRA) is a common component of most employees’ salary packages. It is provided...
Applicable to: First-time homebuyers of affordable housing
This section provides an enhanced tax benefit for...
Yes, under Section 238 of the Income Tax Act, 1961, a person other than the assessee can claim a refund...
Section 264A of the Income Tax Act, 1961, introduced by the Taxation Laws (Relaxation and Amendment)...
Notification No. 05/2025 [F. No. 300196/37/2019-ITA-I] Dated 3nd January, 2025
MINISTRY OF FINANCE
(Department...
Section 142A of the Income Tax Act, 1961 empowers the Assessing Officer (AO) to refer matters of asset...
Section 10(12) of the Income Tax Act governs the tax treatment of withdrawals from a Recognised Provident...
The Goods and Services Tax (GST), a comprehensive indirect tax system, has been a transformative step...
Here’s a detailed analysis of Section 139AA of the Income Tax Act, 1961, which mandates the quoting and...
Section 44AD provides a presumptive taxation scheme for small businesses, allowing them to declare income...
Purpose:
This section provides tax exemption to professional associations (like medical councils, bar...
Section 147 of the Income Tax Act, 1961, deals with the reassessment of income if the Assessing Officer...
Section 115BAA of the Income Tax Act, 1961 provides a concessional tax rate of 22% (plus surcharge &...
Applicable to: *Farmer Producer Companies (FPCs) registered under Companies Act, 1956/2013*
This section...
Retrenchment compensation received by an employee due to termination of employment is partially exempt from...
Section 10(23BBD) of the Income Tax Act provides a tax exemption for the income of the ASOSAI-SECRETARIAT—that...
Section 115F of the Income Tax Act, 1961, provides a tax exemption to Non-Resident Indians (NRIs) on long-term...