Under the Income Tax Act, 1961, rent-free or concessional accommodation provided by an employer is a taxable...
A recognized provident fund is a retirement savings scheme that is approved by the government. It is...
Applicable to: All taxpayers (Individuals, HUFs, Companies, etc.)
This section provides tax benefits...
Pensions are fixed sums of money that individuals receive at regular intervals after retirement. They...
Where any person receives at any time during any previous year any money or other assets under an insurance...
1. Enabling the Commissioner (Appeals) to levy Penalty under Section 271AAB. 271AAC and 271AAD of the...
Section 10(23AAB) of the Income Tax Act provides an exemption for income of a pension fund set up by:
Life...
Section 194A mandates Tax Deducted at Source (TDS) on interest payments (excluding interest on securities)...
The following Essential & Basic Rules have to be kept in mind while calculating Deductions under...
Circular No. 01/2025 [F. No. 500/05/2020/FT&TR-II] Dated 21st January, 2025
Government of India
Ministry...
Under Section 139C of the Income Tax Act, 1961, the Central Board of Direct Taxes (CBDT) has the authority...
Section 10(23BBD) of the Income Tax Act provides a tax exemption for the income of the ASOSAI-SECRETARIAT—that...
Agricultural income and its tax treatment in India fall under Section 10(1) of the Income Tax Act, 1961....
1. Automated Processing by CPC-TDS
Centralized Processing Center (CPC-TDS)processes all TDS returns
Auto-validationof...
Section 10(5) of the Income Tax Act allows for certain tax exemptions on travel expenses provided by...
Under Section 139(4A) of the Income Tax Act, 1961, charitable and religious trusts/institutions must...
Applicable to: All taxpayers (Individuals, HUFs, Firms, etc.)
This section provides 100% deduction for...
Section 18 of the Central Goods and Services Tax (CGST) Act, 2017, deals with the availability and eligibility...
1. Perquisites [(Section 17(2)]- Income under the head Salaries
Section 17(2) of the Income-tax Act,...
Section 144 of the Income Tax Act, 1961, empowers the Assessing Officer (AO) to determine a taxpayer’s...