Section 268 of the Income Tax Act, 1961 provides a relief mechanism for taxpayers and the tax department...
“Deemed profits” are amounts that aren’t traditional business income, but are still taxed as business...
Section 293B of the Income Tax Act, 1961, empowers the Central Board of Direct Taxes (CBDT) to condone...
Here’s a structured table summarizing the penal provisions related to Tax Collected at Source (TCS) under Sections...
Under the Income Tax Act, 1961, certain transactions or scenarios are treated as “deemed profits” and...
1. Introduction to Loss Carry Forward
When losses cannot be fully adjusted in the same financial year,...
Section 79 of the Income Tax Act, 1961, imposes strict restrictions on the carry-forward and set-off...
Order No. [F. No. 225/235/2024/ITA-II] Dated 31st January, 2025
MINISTRY OF FINANCE
(Department of Revenue)
Order...
Gratuity is a lump-sum payment made by an employer to an employee as a token of appreciation for long-term...
Here’s a detailed analysis of the tax treatment of family pension payments received by legal heirs of...
The Income Tax Act, 1961 governs the taxation of companies in India, outlining rules for computation,...
1. Automated Processing by CPC-TDS
Centralized Processing Center (CPC-TDS)processes all TDS returns
Auto-validationof...
Under Section 56(2)(ib) of the Indian Income Tax Act, 1961, income from winnings is subject to taxation....
Section 71B of the Income Tax Act, 1961, governs the carry forward and set-off of losses from house property,...
Section 64 of the Income Tax Act, 1961, mandates the clubbing of certain incomes earned by family members...
Section 10(23AAA) of the Income Tax Act provides an exemption for income received by any person on behalf...
Applicable to: Individuals & HUFs
This section provides tax relief for expenses incurred on the care...
Section 194 of the Income Tax Act, 1961, governs Tax Deducted at Source (TDS) on dividend payments made...
1. Investment in Sukanya Samriddhi Yojana for Tax Saving for AY 2022-23 & 2023-24
Sukanya Samriddhi...
The residential status of an individual is crucial for determining tax liability in India. It classifies...