Section 10(1) of the Income Tax Act, 1961, provides a full exemption for agricultural income, meaning...
Income from house property is one of the five heads of income under the Income Tax Act, 1961. It applies...
1. Understanding the Principle of Mutuality
The principle of mutuality relates to the notion that a person...
1. Litigation management when in an appeal by revenue an identical question of law is pending before...
Section 115BAB of the Income Tax Act, 1961, was introduced by the Finance Act, 2019, to provide a lower...
Section 158AA of the Income Tax Act, 1961 (inserted via Finance Act, 2015) provides a mechanism to prevent...
When a disaster strikes, it can cause immense damage to life and property. In such difficult times, the...
Section 139(4) of the Income Tax Act, 1961, allows taxpayers to file a belated return if they miss the...
The term “actual cost” in the context of asset acquisition plays a pivotal role in income...
Purpose:
This section provides a tax exemption on family pension received by the widow or children of...
The Sukanya Samriddhi Account is a popular savings scheme in India that aims to promote the education...
The Income Tax Appellate Tribunal (ITAT) is the final fact-finding authority under the Income Tax Act,...
Here’s a structured summary of the key amendments related to deduction on remuneration paid to partners introduced...
A Post Office Savings Account is one of the most popular and accessible savings accounts in India.
The...
Section 132A empowers the Income Tax Department to requisition (take custody of) books of account, documents,...
The Income Tax Law in India is a complex and ever-changing set of regulations that govern the taxation...
Under Explanation 1(iii) to Section 115JB(2), companies can deduct the lower of:
Brought forward losses(as...
Section 142B of the Income Tax Act, 1961 empowers the Central Government to make schemes for faceless...
Section 55(1)(b) of the Income Tax Act, 1961, defines the cost of improvement for capital assets, which...
1. Agricultural Income [Section 10(1)]
As per Section 10(1) of the Income Tax Act, agricultural income...