Chapter XIV-B (Sections 158BA, 158BB, 158BE):
Replaces “total income” assessment with “undisclosed...
The registration of a charitable or religious trust under Sections 12A/12AA/12AB of the Income Tax Act,...
1. Covered Entities (Section 10(23C))
The following enjoy 100% tax exemption on their income:
Funds/institutions...
Section 281 empowers the Income Tax Department to declare certain asset transfers as void if made during...
Section 55(2) – Cost of Acquisition of Capital Asset for Computing Capital Gain
Cost of acquisition...
This Trust Deed is made and executed on this [Date] day of [Month], [Year] at [Place] by:
SETTLOR:
Name:...
Section 73A of the Income Tax Act, 1961, governs the treatment of losses incurred in specified businesses under Section...
Section 30 to 35 covers the following expenses Allowed as Deduction while computing Profits and Gains...
Section 10(4E) of the Income Tax Act, 1961 provides an exemption from tax on income arising from the...
The Sukanya Samriddhi Account is a popular savings scheme in India that aims to promote the education...
Here’s a detailed analysis of Sections 269SU and 271DB of the Income Tax Act, 1961, which mandate businesses...
Applicable to: Individuals (Salaried & Self-Employed)
This section provides tax benefits for contributions...
The Goods and Services Tax framework has undergone significant transformations since its implementation...
Here’s a detailed breakdown of Section 271AAD of the Income Tax Act, 1961, which imposes penalties for...
HRA (House Rent Allowance) is a salary component that helps employees cover rental expenses. Under Section...
The authority vested in officers for search and seizure is a crucial aspect of upholding tax laws and...
1. Provision inserted under Clause ( c ) of explanation to Section 10(4D) applicable w.e.f. 2022-23
As...
Section 194P of the Income Tax Act, 1961, provides a TDS exemption for senior citizens (aged 75+) with...
Applicable to: Individuals & HUFs (for self or dependent relatives)
This section provides tax relief...
Section 40A of the Income Tax Act, 1961 specifies certain expenses or payments that cannot be deducted while...