Applicable to: Manufacturing, SMEs, and select service providers
This section provides partial to full...
Certain professionals and government employees receive special allowances that are fully or partially...
Section 10(23BBH) of the Income Tax Act provides a complete tax exemption for the income of Prasar Bharati...
1. Basic Rule for HUF Residency
A HUF is Resident in India if:
“Control and management of its affairs...
In India, the Income Tax Act provides various exemptions to taxpayers to encourage investments and promote...
Overview of Section 10(6C)
Section 10(6C) provides a tax exemption to foreign companies on income received...
Section 49 specifies how the cost of acquisition of a capital asset is determined when it is acquired...
1. Applicability
Section 56(2)(x) covers:
Cash gifts
Immovable property(land, buildings)
Movable property(jewelry,...
Section 281B of the Income Tax Act, 1961, deals with the Provisional Attachment of Property to Protect...
Section 54GB of the Income Tax Act, 1961 in India provides for the exemption of long-term capital gains...
Section 10(4D) of the Income Tax Act, 1961 in India provides an exemption for certain income earned by...
Notification No. 02/2025 [F. No. 275/110/2024-IT(B)] Dated 2nd January, 2025
MINISTRY OF FINANCE
(Department...
(1) Conditions to be satisfied for applicability of Section 112A [Section 112A(1)]:
Notwithstanding...
The provisions of Finance (No. 2) Bill, 2024 (hereafter referred to as “the Bill”), relating...
Section 79 of the Income Tax Act, 1961, imposes strict restrictions on the carry-forward and set-off...
Notwithstanding anything contained in sections 30 to 38, the following amounts shall not be deducted...
A scrutiny (regular) assessment under Section 143(3) is a comprehensive evaluation of a taxpayer’s return...
Section 10(23FE) of the Income Tax Act provides a tax exemption for certain types of income earned by...
Section 234A(4) of the Income Tax Act, 1961, deals with the adjustment of interest when there is a subsequent revision,...
Understanding of Section 54
When an individual sells a residential house property, they are liable to...