Here’s a detailed explanation of Penalty under Section 271H of the Income Tax Act, 1961, which applies...
Section 168 of the Finance Act, 2016 (Chapter VIII) governs the processing of statements furnished under...
Section 285BB of the Income Tax Act, 1961, mandates the Income Tax Department to provide taxpayers with...
1. Legal Provision
Section 206C (7)mandates that sellers/collectors must pay interest if they:
Fail...
Here’s a detailed breakdown of Section 270A of the Income Tax Act, 1961, which imposes penalties for under-reporting and misreporting of...
Section 10(4E) of the Income Tax Act, 1961 in India provides an exemption for income earned by a non-resident...
Section 147 empowers the Assessing Officer (AO) to reassess or recompute income that has escaped taxation in...
Under Section 251 of the Income Tax Act, 1961, the Commissioner of Income Tax (Appeals) [CIT(A)] has wide-ranging...
1. Applicability
Section 56(2)(ib) covers casual and non-recurring income from:
Lotteries(including...
Section 194A mandates Tax Deducted at Source (TDS) on interest payments (excluding interest on securities)...
A recognized provident fund is a retirement savings scheme that is approved by the government. It is...
Section 71B of the Income Tax Act, 1961, governs the carry forward and set-off of losses from house property,...
Agricultural income and its tax treatment in India fall under Section 10(1) of the Income Tax Act, 1961....
Section 10(23D) of the Income Tax Act provides a tax exemption for the income of certain mutual funds...
Section 10(11) of the Income Tax Act provides tax exemption on withdrawals from a Statutory Provident...
Here’s a detailed analysis of the taxability of forfeited advance money for transfer of capital assets...
Ministry of Finance
Posted On: 22 JAN 2025 8:09PM by PIB Delh
CBDT notifies amendments in Income-tax...
Income tax laws in India provide various deductions and exemptions to taxpayers, helping them reduce...
Section 115BAA of the Income Tax Act, 1961 provides a concessional tax rate of 22% (plus surcharge &...
Interest on Non-resident (External) Account (NRE) is exempt from income tax in India under Section 10(4)(ii)...