Retirement planning is crucial for employees to ensure financial security post-retirement while minimizing...
Section 10(26) of the Income Tax Act provides special provisions for the income of a member of a Scheduled...
Death-cum-Retirement Gratuity is an important financial benefit provided to employees in India. It is...
Section 234G of the Income Tax Act, 1961, imposes a late fee on institutions, trusts, or funds that fail...
Section 140A mandates taxpayers to self-assess their income, calculate tax liability, and pay any outstanding...
1. Agricultural Income [Section 10(1)]
As per Section 10(1) of the Income Tax Act, agricultural income...
Section 234B(3) deals with the recalculation of interest under Section 234B when the assessed tax is...
Section 285B of the Income Tax Act, 1961, mandates producers of cinematograph films and persons engaged...
Section 234A(4) of the Income Tax Act, 1961, deals with the adjustment of interest when there is a subsequent revision,...
Ministry of Finance
FAQs issued by CBDT on the new Capital Gains Tax Regime proposed in the Union Budget...
1. Core Rule (Strict Liability)
No PAN = Higher TDS/TCS:
TDS rate: 20%(instead of normal rate)
TCS...
We will continue our efforts to simplify taxes, improve tax payer services, provide tax certainty and...
Section 196A of the Income Tax Act, 1961 governs the Tax Deducted at Source (TDS) on income paid to non-residents (including foreign...
Under the Income Tax Act, 1961, Sections 115QA to 115QC impose a tax on distributed income when a domestic...
1. Covered Entities (Section 10(23C))
The following enjoy 100% tax exemption on their income:
Funds/institutions...
Unrealised rent refers to rental income that is due but not received from a tenant. The Income Tax Act,...
Section 211 of the Income Tax Act, 1961, mandates the payment of advance tax in four instalments during...
Understanding of Section 54
When an individual sells a residential house property, they are liable to...
INTRODUCTION-
The Goods and Services Tax (GST) system has revolutionized taxation in India, streamlining...
Section 9 of the Income Tax Act, 1961, is a critical provision that determines when income is considered...