Here’s a detailed explanation of Section 170 (Interest on Delayed Payment of Equalisation Levy) under...
Section 55(2) of the Income Tax Act, 1961, provides crucial rules for determining the cost of acquisition of...
Section 139(4) of the Income Tax Act, 1961, allows taxpayers to file a belated return if they miss the...
Retrenchment compensation received by an employee due to termination of employment is partially exempt from...
1. Overview
Introduced: Finance Act, 2004.
Objective: Ensure tax compliance on income from leases/licenses...
A recognized provident fund is a retirement savings scheme that is approved by the government. It is...
1. Computation of Income under the head Income from “Salaries”
The first head of income is...
The Income Tax Bill 2025 will come into effect from April 1, 2026, after it is vetted by a Select Committee...
What is Assessment?
Assessment under the Income Tax Act, 1961 refers to the process by which the Income...
Introduction-
The CBIC vide Notification No. 04/2024 – Central Tax dated January 05, 2024, notified the...
1. Basic Framework
Companies are taxed on their total incomecomputed under the Income Tax Act, 1961.
Tax...
Here’s a detailed analysis of the taxability of forfeited advance money for transfer of capital assets...
Understanding Section 10(10A)
Section 10(10A) provides tax exemption for commuted pension amounts received...
Amendment of section 7.
151. In the Union Territory Goods and Services Tax Act, 2017 (14 of 2017.) (hereinafter...
Introduced by the Finance Act, 2023, these provisions impose a “Ceasing Tax” on charitable/religious...
Section 10(25) of the Income Tax Act provides tax exemptions for income earned by various retirement-related...
Under Section 248 of the Income Tax Act, 1961, a person who denies liability to deduct tax at source...
Section 10(16) of the Income Tax Act, 1961 provides exemption from income tax for scholarships granted...
Purpose:
This section provides a full tax exemption on any scholarship granted to meet educational expenses,...
Section 43B of the Income Tax Act, 1961 is a crucial provision that disallows certain expenses unless...