Tax Ready Reckoner – Direct and Indirect Taxes with Tax Ready Reckoner

Permanent Account Number (PAN)[Section 139A and Rule 114]

Knowledge Base

1. Making changes or Correction in PAN data Suppose an applicant needs to change or correct a data on...

Capital Gains

[Section 45(3)] : Capital Gain on Transfer of Capital Asset by a Partner/Member to a Firm/AOP/BOI as Capital Contribution

Section 45(3) of the Indian Income Tax Act, 1961, deals with the taxation of capital gains arising from...

Income Tax Concept

Interest and withdrawals from Sukanya Samriddhi Account (SSA) [Section 10(11A)]

The Sukanya Samriddhi Account is a popular savings scheme in India that aims to promote the education...

Budget & Finance

Speech of Nirmala Sitharaman, Minister of Finance, July 23, 2024. (Budget 2024-2025)

Introduction The people of India have reposed their faith in the government led by the Hon’ble Prime...

Deductions

[Section 80RRB]: Deduction in respect of Royalty on Patents

Section 80RRB of the Income Tax Act, 1961, provides for a deduction in respect of royalty income received...

Income Tax Concept

Incomes of Political Parties [Section-13A]

Political parties play a crucial role in any democratic society. They serve as the voice of the people,...

Knowledge Base

Prescribed Reports/Certificates from a Chartered Accountant under Section 288(2), Explanation

Under the Explanation to section 288(2), an “accountant” means a chartered accountant within...

Deductions

Section 80-IAC: Deduction in respect of Eligible Business or Eligible Start Up

1. Understanding of Section 80-IAC The Income Tax Act, 1961 provides various deductions for taxpayers...

Blog Knowledge Base

Penalties and Offences under Companies Act, 2013 till Section 100 of Companies Act.

The Companies Act, 2013 outlines various penalties and offences that can be imposed on companies and...

Income Tax Concept

Notified Special Allowance [Section 10(14)]

Notified special allowance is an allowance that has been notified by the Central Government under Section...

Blog Knowledge Base

How to Face Survey Proceedings as per Section 133A of Income Tax Act, 1961- Your Rights and Duties

An Income Tax Survey is a legal procedure under Section 133A of the Income Tax Act, 1961, where tax authorities...

Knowledge Base

Section 92CE: IT Secondary Adjustments

Section 92 of The Income Tax Act 1961, states that any income, expenditure interest & allocation...

Knowledge Base

FAQs on ‘Permanent Account Number’ (PAN)

1. What is PAN? PAN stands for Permanent Account Number. PAN is a ten-digit unique alphanumeric number...

Deductions

Section 80CCD : Deduction in respect of Contribution to a National Pension Scheme (NPS)

1. Introduction to Section 80CCD Section 80CCD of the Indian Income Tax Act, 1961, provides for deductions...

Capital Gains

[Section 54F] : Exemption of Capital Gain on Transfer of Asset, other than a Residential House

In India, the Income Tax Act provides various exemptions to taxpayers to encourage investments and promote...

Set Off or Carry Forward of Losses

Section 72: Carry Forward and Set Off of Business Losses

(1) Introduction to Section-72 Section 72, which deals with the carry forward and set off of business...

Press Release by PIB- Income Tax Management

PIB Press Release

Capital Gains Taxation Simplified and Rationalised under Budget 2024-25-Press Release by PIB

Ministry of Finance CAPITAL GAINS TAXATION SIMPLIFIED AND RATIONALISED SHORT TERM GAINS TO ATTRACT A...

Capital Gains

Tax on Long-Term Capital Gains under Section 112A in Certain Cases

(1) Conditions to be satisfied for applicability of Section 112A [Section 112A(1)]: Notwithstanding...

Knowledge Base

Comprehensive Analysis on ESOP Taxation in India

Employee Stock Option Plans (ESOPs) are popular mechanisms through which companies attract, retain, and...

Income Tax Concept

Residential Status of an Individual [Section 6(1) & 6(1A)]

An individual may either be a: (a) Resident in India; or (b) Deemed to be Resident In India...

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