Section 68 is a critical anti-evasion provision that targets unexplained sums credited in a taxpayer’s...
Section 245 of the Income Tax Act, 1961 allows the Income Tax Department to adjust (set off) a taxpayer’s refund...
Section 194A mandates Tax Deducted at Source (TDS) on interest payments (excluding interest on securities)...
Section 10(12B) of the Income Tax Act, 1961 provides tax exemptions on partial withdrawals from the National...
Section 194K of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on income distributed...
Here’s a detailed breakdown of the tax rates on long-term capital gains (LTCG) for assets not covered...
The Deduction and Collection of Tax at Source (TDS/TCS) provisions under the Income Tax Act, 1961 are...
As per Section 44AA and Rule 6F, persons carrying on Business and Professions specified below are mandatorily...
Applicable to: Individuals (Salaried & Self-Employed)
This section provides tax benefits for contributions...
(1) In the world of business and taxation, there are various provisions and regulations that govern...
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...
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
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New...
1. Firm to be Assessed as Firm
Essential conditions prescribed under section 184 of the Income-tax Act,...
Section 194H of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made as commission...
Learn How Total Income Under Income Tax Act Is Calculated For The 1961 Law. Discover The 5 Heads Of Income,...
Unit Linked Insurance Plans (ULIPs) are a unique financial product that offers the dual benefits of life...
Here’s a detailed analysis of the taxability of forfeited advance money for transfer of capital assets...
According to Section 10(2A), any share of profit received by a partner from a firm is exempt from tax....
The taxpayer has to communicate the details of his taxable income/loss to the Income tax Department.
These...
Under the Income Tax Act, 1961, certain transactions or scenarios are treated as “deemed profits” and...