Section 194T, introduced by the Finance (No. 2) Bill, 2024, is effective from April 1, 2025. This section...
1. Legal Requirement
Section 206Amandates specified entities to file statements for payments made to...
Under the Income Tax Act, individuals and Hindu Undivided Families (HUFs) have the option to be taxed...
Here’s a detailed table summarizing the tax treatment of Provident Fund (PF) contributions, interest,...
Section 157 deals with the communication of losses determined by the Assessing Officer (AO) to taxpayers....
Applicable to: Individuals & HUFs
This section provides tax relief for expenses incurred on the care...
Section 10(48) of the Income Tax Act provides an exemption in respect of income received by certain foreign...
Education is an essential aspect of personal and professional growth. However, pursuing higher education...
Section 139D of the Income Tax Act, 1961, mandates electronic filing (e-filing) of income tax returns...
1. Definition of “Person” under Section 2(31)
Section 2(31) of the Income Tax Act, 1961...
Applicable to: Banks/Financial Institutions operating in IFSCs (e.g., GIFT City)
This section provides 100%...
Section 55(2) of the Income Tax Act, 1961, provides crucial rules for determining the cost of acquisition of...
Purpose:
This section provides a full tax exemption on any scholarship granted to meet educational expenses,...
Section 281 empowers the Income Tax Department to declare certain asset transfers as void if made during...
Here’s a detailed explanation of the Procedure for Imposing Penalty under Section 274 of the Income Tax...
Section 71B of the Income Tax Act, 1961, governs the carry forward and set-off of losses from house property,...
1. Legal Definition (Section 2(14))
A capital asset means:
Property of any kind held by an assessee...
Applicability:
Section 234A(1) of the Income Tax Act, 1961, levies interest if an assessee fails to file their...
Interest incomes which are exempt under section 10(15) could be explained with the help of the following...
Section 55(2) – Cost of Acquisition of Capital Asset for Computing Capital Gain
Cost of acquisition...