The term “actual cost” in the context of asset acquisition plays a pivotal role in income...
1. Basic Concepts
Firm: Partnership firm registered under Partnership Act, 1932
LLP: Limited Liability...
Ministry of Finance
HIGHLIGHTS OF UNION BUDGET 2025-26
Posted On: 01 FEB 2025 1:29PM by PIB Delhi
PART...
The “Full Value of Consideration” (FVC) is the total amount received or receivable when a...
Section 115BAA of the Income Tax Act, 1961 provides a concessional tax rate of 22% (plus surcharge &...
(1) In the world of business and taxation, there are various provisions and regulations that govern...
When a property is partly self-occupied (SOP) and partly let out (LOP), the Income Tax Act treats it...
Section 144A of the Income Tax Act, 1961, empowers the Joint Commissioner (JCIT) to intervene in pending...
1. Who is Exempt?
Resident Individuals aged 60 years or above(Senior Citizens).
Condition: Must not...
Applicable to: Individuals & HUFs
This section provides tax relief for expenses incurred on the care...
1. Fundamental Principle
TDS Credit Mechanism: Any tax deducted at source (TDS) is treated as:
Payment...
1. Applicability
Section 56(2)(x) covers:
Cash gifts
Immovable property(land, buildings)
Movable property(jewelry,...
Section 194H of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made as commission...
An Income Tax Survey is a legal procedure under Section 133A of the Income Tax Act, 1961, where tax authorities...
Developmental financing institutions play a crucial role in promoting economic growth and development...
Section 281 empowers the Income Tax Department to declare certain asset transfers as void if made during...
Under Section 251 of the Income Tax Act, 1961, the Commissioner of Income Tax (Appeals) [CIT(A)] has wide-ranging...
Section 10(5) of the Income Tax Act, 1961, provides an exemption for Leave Travel Concession (LTC) or Leave...
1. Perquisites [(Section 17(2)]-Definition
Section 17(2) of the Income-tax Act, 1961 gives an inclusive...
Here’s a detailed explanation of Section 173 (Penalty Not to Be Imposed in Certain Cases) under the Equalisation...