Introduction
The Goods and Services Tax (GST) registration process in India has seen a significant shift...
1. Legal Definition
Primary Responsibility: The person legally obligated to deduct TCS/TDS under the...
Understanding of Section 54
When an individual sells a residential house property, they are liable to...
Here’s a detailed explanation of Section 173 (Penalty Not to Be Imposed in Certain Cases) under the Equalisation...
Section 10(23AA) of the Income Tax Act provides an exemption for income received by any person on behalf...
1. Definition & Applicability
Entertainment Allowance is a special allowance given to employees to...
Unrealised rent refers to rental income that is due but not received from a tenant. The Income Tax Act,...
In India, hosting international sporting events is not only a matter of pride but also has significant...
1. Gratuity
Gratuity is a payment made by the employer to an employee in appreciation of the past services...
Ministry of Finance
HIGHLIGHTS OF THE UNION BUDGET 2024-25
Posted On: 23 JUL 2024 1:17PM by PIB Delhi
The...
Section 36 of the Income Tax Act, 1961 lists specific deductions allowed against business income, in...
Section 10(23FC) of the Income Tax Act provides a tax exemption for specific types of income earned by...
Section 55(2) – Cost of Acquisition of Capital Asset for Computing Capital Gain
Cost of acquisition...
The commuted value of pension refers to the lump sum amount received by an employee in lieu of a portion...
1. Clarification in respect of Disallowance under Section 14A in absence of any Exempt Income during...
Purpose:
This section provides a full tax exemption on the income of local authorities, such as municipalities,...
Applicable to: Individuals & HUFs
Section 80C is one of the most popular tax-saving sections, allowing...
Notification No. 13/2025 [F. No.370142/9/2024-TPL] Dated 07th February, 2025
MINISTRY OF FINANCE
(Department...
Interest income is one of the common sources of income for individuals and businesses alike. When it...
Section 218 of the Income Tax Act, 1961 deals with situations where a taxpayer is considered to be in...