Understanding Section 71: Inter-Head Adjustment
Section 71 of the Income Tax Act, 1961 allows taxpayers...
1. Key Features of Section 69
Objective: Targets unexplained investments(e.g., property, gold, shares)...
1. Enabling the Commissioner (Appeals) to levy Penalty under Section 271AAB. 271AAC and 271AAD of the...
Income chargeable under the head “Income from house property” shall be computed after making...
1. Basic Concept of HUF
An HUF (Hindu Undivided Family) is a separate legal entity for tax purposes,...
Section 140 of the Income Tax Act, 1961 specifies who must verify the return of income and the authorized...
Sukanya Samriddhi Account is a Government of India backed saving scheme targeted at the parents of girl...
Section 71B of the Income Tax Act, 1961, governs the carry forward and set-off of losses from house property,...
Section 234B(3) deals with the recalculation of interest under Section 234B when the assessed tax is...
Section 80U of the Income Tax Act provides relief to individuals with disabilities by allowing them to...
Section 73A of the Income Tax Act, 1961, governs the treatment of losses incurred in specified businesses under Section...
1. Applicability
Section 56(2)(ii) covers rental income from:
Machinery
Plant(equipment, tools, vehicles)
Furniture
when not...
Here’s a detailed breakdown of Section 271AAD of the Income Tax Act, 1961, which imposes penalties for...
The authority vested in officers for search and seizure is a crucial aspect of upholding tax laws and...
Section 10(23EE) of the Income Tax Act provides a tax exemption for specified income of a Core Settlement...
Notified special allowance is an allowance that has been notified by the Central Government under Section...
Yes, under Section 238 of the Income Tax Act, 1961, a person other than the assessee can claim a refund...
Under the Income Tax Act, 1961, certain expenses are expressly disallowed while computing taxable income...
Under Section 56(2)(ib) of the Indian Income Tax Act, 1961, income from winnings is subject to taxation....
When an employer provides accommodation in a hotel, guest house, or similar facility, its taxability...