Section 44AE of the Income Tax Act, 1961 provides a simplified presumptive taxation scheme for businesses...
Section 234F of the Income Tax Act, 1961 imposes a late filing fee if an assessee fails to file their...
Section 194BB of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on winnings from horse...
Section 157 deals with the communication of losses determined by the Assessing Officer (AO) to taxpayers....
Purpose:
This section provides full tax exemption on certain allowances received by:
Members of Parliament...
Under the Employees’ Provident Fund (EPF) scheme, employers are required to contribute to a Recognised...
The Income Tax Act, 1961 allows charitable and religious trusts to apply for belated registration under Section...
Section 80G of the Income Tax Act, 1961 provides provisions for claiming deductions on donations made...
Section 10(10CC) provides a unique tax benefit where certain perquisites paid by employers are exempt...
Being a Member of Parliament (MP) or a Member of Legislative Assembly (MLA) is a position of great responsibility....
Exemption of amount received by an individual as Loan under Reverse Mortgage Scheme [Section 10(43)]
Reverse mortgage is a financial scheme that allows senior citizens to convert their home equity into...
Section 10(12) of the Income Tax Act governs the tax treatment of withdrawals from a Recognised Provident...
In the realm of Goods and Services Tax (GST), the efficient utilization and handling of Input tax credit (ITC)...
Section 9 of the Income Tax Act, 1961, is a critical provision that determines when income is considered...
1. Core Rule (Strict Liability)
No PAN = Higher TDS/TCS:
TDS rate: 20%(instead of normal rate)
TCS...
Section 115BBE of the Income Tax Act, 1961 imposes a flat 60% tax rate (plus 25% surcharge and 4% cess,...
Under Section 246A of the Income Tax Act, 1961, taxpayers can file an appeal before the Commissioner...
Applicable to: DPIIT-recognized startups (Private Companies/LLPs)
This section provides a 100% tax deduction...
1. Key Features of Section 69
Objective: Targets unexplained investments(e.g., property, gold, shares)...
The Income Tax Law in India is a complex and ever-changing set of regulations that govern the taxation...