Here’s a detailed explanation of Section 271K of the Income Tax Act, 1961, which deals with penalties...
Section 139(1) of the Income Tax Act, 1961, lays down the rules for who must file an Income Tax Return...
Basic Rule
Under Section 64(1A), all income of a minor child (below 18 years) is automatically clubbed with...
1. Who is Exempt?
Resident Individuals aged 60 years or above(Senior Citizens).
Condition: Must not...
The registration of a charitable or religious trust under Sections 12A/12AA/12AB of the Income Tax Act,...
Retirement benefits such as pension, gratuity, provident fund, and leave encashment are taxed differently...
The treatment of vouchers under GST has been a subject of debate due to their unique nature. This article...
Section 194T, introduced by the Finance (No. 2) Bill, 2024, is effective from April 1, 2025. This section...
1. Overview of Section 58
Section 58 specifies expenses that cannot be deducted while computing taxable...
Section 54GA of the Income Tax Act provides an exemption on capital gains arising from the transfer of...
Purpose:
This section provides full tax exemption on certain allowances received by:
Members of Parliament...
Section 144A of the Income Tax Act, 1961, empowers the Joint Commissioner (JCIT) to intervene in pending...
Section 43B of the Income Tax Act, 1961 is a crucial provision that disallows certain expenses unless...
1. Unexplained Cash Credits [Section 68]
Where any sum is found credited in the books of an assessee,...
Investment planning is an essential aspect of financial management, especially for middle-class families....
The Income Tax Act contains provisions to prevent tax avoidance by transferring income to other persons...
Section 273AA of the Income Tax Act, 1961, empowers the Principal Commissioner or Commissioner to grant...
Section 285BA of the Income Tax Act, 1961, mandates specified entities to report high-value financial...
1. Set-Off Rules for Current Year Losses
Intra-head adjustment (Section 70):
Business losses can be...
The Capital Gains Accounts Scheme (CGAS) 1988 is a scheme under the Income Tax Act, 1961, in India. It...