1. Basic Condition
A taxpayer is liable to pay advance tax if:
Estimated tax liability(after deducting...
Section 197A of the Income Tax Act, 1961 provides specific situations where no Tax Deducted at Source...
1. Basic Principle of Assessment
Clubbed income is assessed in the hands of the transferor (not the transferee)...
1. Firm to be Assessed as Firm
Essential conditions prescribed under section 184 of the Income-tax Act,...
Purpose:
This section provides a 100% tax exemption to foreign companies on income earned from leasing cruise...
Section 292B of the Income Tax Act, 1961, protects income tax proceedings from being invalidated due...
Section 196B of the Income Tax Act, 1961 governs the Tax Deducted at Source (TDS) on income paid to non-residents or foreign...
Circular No. 03/2025 [F. No. 275/107/2024-IT(B)] Dated 20th February, 2025
Government of India
Ministry...
Concept:
Section 60applies when a person transfers only the right to receive income from an asset without...
Section 28 of the Income Tax Act, 1961 defines the incomes chargeable under the head “Profits and...
Section 245 of the Income Tax Act, 1961 allows the Income Tax Department to adjust (set off) a taxpayer’s refund...
Section 10(12B) of the Income Tax Act, 1961 provides tax exemptions on partial withdrawals from the National...
In order to monitor high-value transactions conducted by taxpayers, a significant regulatory measure...
(1) Conditions to be satisfied for applicability of Section 112A [Section 112A(1)]:
Notwithstanding...
Section 44AA of the Income Tax Act, 1961, mandates certain taxpayers to maintain books of accounts, while Rule...
Applicable to: Developers of Affordable Housing Projects
This section provides a 100% tax exemption on...
1. Legal Definition
Primary Responsibility: The person legally obligated to deduct TCS/TDS under the...
Section 73 of the Income Tax Act, 1961, governs the treatment of speculation business losses, imposing...
Purpose:
This section provides a full tax exemption on the income of local authorities, such as municipalities,...
Chargeability/Scope/Meaning of Income under the head “Profits and Gains of Business and Profession” under...