Here’s a detailed explanation of Penalty under Section 271H of the Income Tax Act, 1961, which applies...
The Budget 2025 has introduced enhanced threshold limits for TDS, ensuring that smaller transactions...
Here’s a detailed explanation of Section 78(2) regarding carry forward and set-off of losses in...
Every person shall quote his permanent account number in all documents pertaining to the transactions...
To establish a legally valid charitable or religious trust, follow these key steps under Indian law:
1....
The “Full Value of Consideration” (FVC) is the total amount received or receivable when a...
Under Section 246A of the Income Tax Act, 1961, taxpayers can file an appeal before the Commissioner...
An Income Tax Survey is a legal procedure under Section 133A of the Income Tax Act, 1961, where tax authorities...
Ministry of Finance
CAPITAL GAINS TAXATION SIMPLIFIED AND RATIONALISED
SHORT TERM GAINS TO ATTRACT A...
1. Legal Requirement
Section 206Amandates specified entities to file statements for payments made to...
1. Introduction to Loss Carry Forward
When losses cannot be fully adjusted in the same financial year,...
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
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New...
In the realm of tax enforcement, the power of inspection, search, and seizure plays a pivotal role in...
1. Applicability
Section 56(2)(ii) covers rental income from:
Machinery
Plant(equipment, tools, vehicles)
Furniture
when not...
Section 234C of the Income Tax Act, 1961, pertains to the levy of interest for deferment of advance tax....
Applicable to: Salaried (without HRA) & Self-Employed Individuals
This section provides tax relief...
1. Legal Provision
Section 206C (7)mandates that sellers/collectors must pay interest if they:
Fail...
Applicable to: Individual taxpayers
This section provides a deduction for interest paid on loans taken...
Provisions and Amendments Relating to Direct Tax Vivad se Vishwas Scheme, 2024
The Income-tax Act, 1961...
Section 54G of the Income Tax Act, 1961, provides tax exemption on capital gains arising from the transfer...