1. Core Principle (Tax Credit Mechanism)
Shield for Taxpayers: When tax has been duly deducted at source...
Ministry of Finance
FAQs issued by CBDT on the new Capital Gains Tax Regime proposed in the Union Budget...
1. Legal Definitions
A. “Seller” (Section 206C(1))
Who is a Seller?
Any person/entity(individual,...
Purpose:
This section provides tax exemption to professional associations (like medical councils, bar...
The Income Tax Act, 1961 contains provisions related to search, seizure, survey, and special procedures...
1. [Section 56(2)]: List of Incomes included under ‘Income from Other Sources’
There are many incomes...
Section 10(12C) of the Income Tax Act, 1961 provides important tax benefits for individuals enrolled...
Section 192A of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on premature withdrawals...
Section 10(13) of the Income Tax Act, 1961 provides tax exemptions on payments received from an approved...
Section 140A mandates taxpayers to self-assess their income, calculate tax liability, and pay any outstanding...
1. Perquisites [(Section 17(2)]- Income under the head Salaries
Section 17(2) of the Income-tax Act,...
Leave encashment refers to the amount received by an employee in exchange for unused leave balance at...
Section 13 of the Income Tax Act, 1961 specifies situations where the tax exemptions under Section 11...
In the era of GST, the removal of check posts nationwide aimed to streamline the movement of goods within...
1. Introduction to Clubbing of Income
The Indian Income Tax Act, 1961, has provisions that prevent taxpayers...
A. Purpose of CRS and FATCA
In this globalized economy, tax transparency and compliance has become paramount...
Section 268 of the Income Tax Act, 1961 provides a relief mechanism for taxpayers and the tax department...
Concept:
Section 61states that if an asset is transferred in a revocable manner, any income from that...
Section 194-I of the Income Tax Act, 1961, a crucial piece of legislation in India, governs the taxation...
1. Applicability of Section 56(2)(ic)
This provision covers any sum of money received by an employer from...