To promote digital transactions, the Income Tax Act mandates certain businesses to compulsorily accept...
Section 195 of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made to non-residents...
According to Section 10(7), allowances or perquisites received by an employee outside of India for rendering...
Section 10(4B) of the Income Tax Act, 1961 in India provides an exemption for interest income earned...
Under the Income Tax Act, 1961, individuals and Hindu Undivided Families (HUFs) can claim exemptions...
Section 80C of the Income Tax Act allows individuals to claim deductions on certain investments and expenses,...
The Tonnage Tax Scheme is a special taxation regime introduced under Chapter XII-G (Sections 115V to...
Here’s a detailed analysis of Section 271J of the Income Tax Act, 1961, which imposes penalties...
Applicable to: Individuals & HUFs (for self or dependent relatives)
This section provides tax relief...
The Equalisation Levy in India, governed by Chapter VIII of the Finance Act, 2016, imposes a tax on certain...
Section 43B- Deductions Allowed only on Actual Payment -Profits and Gains of Business and Profession
Under Section 43B, some of the Expenses are allowed and can be claimed by the Assessee only in the year...
I start with GST. It has decreased tax incidence on the common man; reduced compliance burden and logistics...
Section 115JH of the Income Tax Act, 1961, provides transitional and computational rules for foreign...
HRA (House Rent Allowance) is a salary component that helps employees cover rental expenses. Under Section...
Section 194-I of the Income Tax Act, 1961, a crucial piece of legislation in India, governs the taxation...
Applicable to: Individual taxpayers
This section provides a deduction for interest paid on loans taken...
The deductions under Chapter VI-A (Sections 80A to 80U) are subject to certain overarching rules that...
1. Basic Principle of Assessment
Clubbed income is assessed in the hands of the transferor (not the transferee)...
1. Core Rule (Strict Liability)
No PAN = Higher TDS/TCS:
TDS rate: 20%(instead of normal rate)
TCS...
This section provides exemption for certain allowances received by employees to meet expenses incurred in...