Understanding Section 71: Inter-Head Adjustment
Section 71 of the Income Tax Act, 1961 allows taxpayers...
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
******
New...
For income to be taxed under the head “Income from House Property” (Sections 22-27 of the...
Section 115JB mandates that companies calculate Minimum Alternate Tax (MAT) based on book profits (derived...
The Sukanya Samriddhi Account is a popular savings scheme in India that aims to promote the education...
Under Explanation 1(iii) to Section 115JB(2), companies can deduct the lower of:
Brought forward losses(as...
The Finance Bill 2025, presented by Finance Minister Nirmala Sitharaman as part of the Union Budget 2025-26,...
Section 10(23EC) of the Income Tax Act provides a tax exemption for income received by an Investor Protection...
As per Section 54D, the Capital Gain arising from the transfer, by way of compulsory acquisition under...
Section 10(26) of the Income Tax Act provides special provisions for the income of a member of a Scheduled...
Overview of Section 112A
Section 112A of the Income Tax Act, 1961 governs the taxation of long-term capital...
Section 194LA of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made as...
Section 115JB ensures that companies with substantial book profits but low or no taxable income (due...
Under Section 253 of the Income Tax Act, 1961, appeals can be filed before the Income Tax Appellate Tribunal...
Under the Income Tax Act, 1961, the right to claim a refund depends on who has paid the excess tax and...
Here’s a detailed analysis of the taxability of forfeited advance money for transfer of capital assets...
1. Legal Definitions
A. “Seller” (Section 206C(1))
Who is a Seller?
Any person/entity(individual,...
Section 10(23D) of the Income Tax Act provides a tax exemption for the income of certain mutual funds...
Here’s a detailed explanation of Penalty under Section 271AAB(1A) of the Income Tax Act, 1961, applicable...
Section 10(1) of the Income Tax Act, 1961, provides a full exemption for agricultural income, meaning...