1. General Rule for All Non-Company Entities [Section 6(2)]
The residential status of Firms, AOPs, BOIs,...
Term life insurance, also known as pure life insurance, is a type of life insurance that guarantees payment...
To avail tax exemption under Section 11, a charitable or religious trust must satisfy the following mandatory...
1. Legal Definition
Primary Responsibility: The person legally obligated to deduct TCS/TDS under the...
Section 10(10CC) provides a unique tax benefit where certain perquisites paid by employers are exempt...
Section 164(2) of the Income Tax Act, 1961, deals with the taxation of discretionary trusts, including charitable...
Tax incentives to International Financial Services Centre
International Financial Services Centre (IFSC)...
Section 49 specifies how the cost of acquisition of a capital asset is determined when it is acquired...
Section 139(5) of the Income Tax Act, 1961, allows taxpayers to correct errors or omissions in their...
As already discussed, motor car/other vehicles, provided by the employer, is a perquisite only for specified...
Applicable to: All taxpayers (Individuals, HUFs, Companies, etc.)
This section provides tax benefits...
Under Section 246A of the Income Tax Act, 1961, taxpayers can file an appeal before the Commissioner...
Any profits or gains arising from the transfer of a capital asset effected in the previous year, shall...
1. Perquisites [(Section 17(2)]-Definition
Section 17(2) of the Income-tax Act, 1961 gives an inclusive...
The Goods and Services Tax framework has undergone significant transformations since its implementation...
Section 16 allows three key deductions from gross salary income before computing taxable salary. These...
Amendment of section 7.
151. In the Union Territory Goods and Services Tax Act, 2017 (14 of 2017.) (hereinafter...
Section 194-IA of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made for...
Applicable to: Individuals & HUFs
Section 80C is one of the most popular tax-saving sections, allowing...
The treatment of business income for a charitable or religious trust under the Income Tax Act, 1961 is...