Section 242 of the Income Tax Act, 1961, clarifies that a refund claim cannot be used to challenge the...
The article you’re viewing discusses significant changes to the regulations governing Charitable Trusts...
Under Section 139(4B) of the Income Tax Act, 1961, political parties in India are mandatorily required to...
Under the Income Tax Act, there are certain provisions that govern the taxation of income earned by minors....
Section 10(12A) of the Income Tax Act, 1961 provides that any amount received by an individual from the...
1. Introduction to Clubbing of Income
The Indian Income Tax Act, 1961, has provisions that prevent taxpayers...
1. Legal Definition (Section 2(14))
A capital asset means:
Property of any kind held by an assessee...
Special Provisions for computing Business income in certain cases on the basis of Estimated Income Method...
Suo Moto Cancellation of registration may be initiated by the Tax Official for various situations as...
A closely held company (where the public is not substantially interested) is subject to stricter tax...
The Inverted Duty Structure (IDS) under the Goods and Services Tax (GST) regime is a situation where...
1. Applicability of Section 56(2)(ic)
This provision covers any sum of money received by an employer from...
Applicable to: *Resident Individuals with 40%+ Disability*
This section provides fixed tax deductions to...
Applicable to: All taxpayers (Individuals, HUFs, Companies, etc.)
This section provides tax benefits...
According to Section 10(2A), any share of profit received by a partner from a firm is exempt from tax....
Section 234C of the Income Tax Act, 1961 imposes interest for deferring advance tax payments beyond the...
Introduction-
The CBIC vide Notification No. 04/2024 – Central Tax dated January 05, 2024, notified the...
1. Business [Section 2(13)]
Business includes:
Any trade, commerce, or manufacturing activity;
Any adventure...
To legally establish and operate a Charitable & Religious Trust in India, the following registrations are...
1. Scope of Total Income / Incidence of Tax [Section 5]
Total income of an assessee cannot be computed...