Under the Income Tax Act, there are certain provisions that govern the taxation of income earned by minors....
Section 241A allows the Income Tax Department to withhold refunds in certain cases, even if a taxpayer...
Applicable to: Businesses engaged in collecting/processing biodegradable waste
This section provides...
The Faceless Appeal Scheme, 2021, introduced via Notification No. 139/2021 dated 28th December 2021,...
Here’s a detailed explanation of Penalty under Section 271AAB(1A) of the Income Tax Act, 1961, applicable...
Here’s a detailed explanation of Penalty under Section 271H of the Income Tax Act, 1961, which applies...
Section 194D of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made as insurance...
1. What is Section 282A?
Section 282A mandates proper authentication of all income tax notices, orders,...
To promote digital transactions, the Income Tax Act mandates certain businesses to compulsorily accept...
The Income Tax Act, 1961 allows charitable and religious trusts to apply for belated registration under Section...
Section 144B introduces a technology-driven, faceless assessment scheme to eliminate human interface,...
SCSS is a savings product available for senior citizens aged 60 or above. On the date of opening an SCSS...
Developmental financing institutions play a crucial role in promoting economic growth and development...
Understanding of Section 54B
Agriculture plays a vital role in the economy of many countries, providing...
Section 74A of the Income Tax Act, 1961, provides specific rules for the treatment of losses incurred...
Pensions are fixed sums of money that individuals receive at regular intervals after retirement. They...
Section 69D targets hundi transactions (an informal financial instrument) conducted without banking channels,...
Applicable to: All taxpayers (Individuals, HUFs, Companies, etc.)
This section provides tax benefits...
Notification No. 03/2025 [F. No. 275/109/2024-IT(B)] Dated 2nd January, 2025
MINISTRY OF FINANCE
(Department...
Interest on Non-resident (External) Account (NRE) is exempt from income tax in India under Section 10(4)(ii)...