According to Section 10(2A), any share of profit received by a partner from a firm is exempt from tax....
Income tax laws in India provide various deductions and exemptions to taxpayers, helping them reduce...
1. Overview
Section 115BA provides a concessional tax rate of 22% (plus surcharge & cess) for new...
1. Scope of Total Income / Incidence of Tax [Section 5]
Total income of an assessee cannot be computed...
Section 9 of the Income Tax Act, 1961 is an important provision that deals with the taxation of income...
The Indian Income Tax Act, 1961, governs the taxation of various sources of income in India. One such...
Here’s a detailed breakdown of fully taxable allowances for the computation of salary income in India,...
Here’s a detailed explanation of Penalty under Section 271AAB(1A) of the Income Tax Act, 1961, applicable...
Exemption of amount received by an individual as Loan under Reverse Mortgage Scheme [Section 10(43)]
Reverse mortgage is a financial scheme that allows senior citizens to convert their home equity into...
Under the Income Tax Act, 1961, the following business/profession expenses are expressly allowed as deductions...
as per Part “C” of Schedule II of the Companies Act, 2013 after making following assumptions:
The...
Section 10(6) of the Income Tax Act, 1961 provides an exemption from income tax for certain income received...
A Charitable and Religious Trust is a type of non-profit organization that is formed for the purpose...
Under the Income Tax Act, 1961, individuals and Hindu Undivided Families (HUFs) can claim exemptions...
Here’s a structured table summarizing the penal provisions related to Tax Collected at Source (TCS) under Sections...
1. Who is Liable?
Every taxpayer(individuals, HUFs, companies, firms, etc.) whose estimated tax liability for...
Section 115JB(2) mandates that the Statement of Profit & Loss (P&L) for MAT computation must...
Under Section 249 of the Income Tax Act, 1961, along with Rules 45 and 46 of the Income Tax Rules, the...
Section 44AD provides a presumptive taxation scheme for small businesses, allowing them to declare income...
Introduction
Section 54B of the Income Tax Act, 1961, provides an exemption on capital gains arising...