The Capital Gains Accounts Scheme (CGAS) 1988 is a scheme under the Income Tax Act, 1961, in India. It...
Allowances form a significant part of salary income and are classified into three categories for tax...
E-Invoicing has been implemented in India in a phased manner since 1st October 2020. Let us discuss whether...
Unit Linked Insurance Plans (ULIPs) are a unique financial product that offers the dual benefits of life...
Here’s a detailed analysis of Section 275 of the Income Tax Act, 1961, which governs the time limits...
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 summary of the removal of the Equalisation Levy (EL) in India, including key changes,...
Any expenditure (not being expenditure of the nature described in sections 30 to 36) and not of capital...
Objective: To discourage large cash transactions and promote digital payments.
1. Key Provisions of Section...
1. What is equalization levy (EL)?
This is a tax leviable on consideration received or receivable by...
Section 18 of the Central Goods and Services Tax (CGST) Act, 2017, deals with the availability and eligibility...
As already discussed, motor car/other vehicles, provided by the employer, is a perquisite only for specified...
Amendment of Section 2 [Total Income” for the purpose of Taxation]
3. In section 2 of the Income-tax...
Yes, a tax audit under Section 44AB is compulsory even if the accounts are already audited under:
Other...
1. Section 35(1A) relating to Filing Of Statement of any sum received by a Research Association, University,...
Form 10-IEA is a crucial document for taxpayers for AY 2024-2025 and onwards. It allows individuals and...
Section 54GA of the Income Tax Act, 1961, provides tax exemption on capital gains when a business relocates...
Circular No. 07/2024 [F. No.173/25/2024-ITA-I] Dated 25th April, 2024: A Detailed Analysis
The Central...
Section 194J of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made for professional...
Applicable to: Individuals & HUFs
Section 80C is one of the most popular tax-saving sections, allowing...