The Indian Income Tax Act, 1961, governs the taxation of various sources of income in India. One such...
Section 10(4B) of the Income Tax Act, 1961 in India provides an exemption for interest income earned...
The taxpayer has to communicate the details of his taxable income/loss to the Income tax Department.
These...
The Equalisation Levy in India, governed by Chapter VIII of the Finance Act, 2016, imposes a tax on certain...
Section 194J of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made for professional...
Section 10(10B) of the Income Tax Act, 1961 provides important tax relief for workmen who receive compensation...
Section 22 of the Income Tax Act, 1961, defines when and how income from house property becomes taxable.
1....
1. Dividend Declaration vs. Retained Earnings
Dividends:
Taxable in shareholders’ hands (10%...
Section 115BAB of the Income Tax Act, 1961 provides a concessional tax rate of 15% (plus surcharge &...
Section 196C of the Income Tax Act, 1961 mandates Tax Deducted at Source (TDS) on income paid to non-residents (including...
1. Legal Basis
Proviso to Section 206C(3): Requires sellers/collectorsto submit a statement of TCS collected...
Applicable to: All Individual & HUF Taxpayers
This section caps the total deductions available under...
Section 44AA of the Income Tax Act, 1961, mandates certain taxpayers to maintain books of accounts, while Rule...
When it comes to dealing with various processes and procedures, understanding the time limits, forms,...
Section 201(1A) of the Income Tax Act, 1961, imposes interest on a deductor (employer, company, etc.)...
When a disaster strikes, it can cause immense damage to life and property. In such difficult times, the...
The residential status of a company is a crucial factor in determining its tax liability in India. Section...
Section 55(1)(b) of the Income Tax Act, 1961, defines the cost of improvement for capital assets, which...
Ministry of Finance
HIGHLIGHTS OF THE UNION BUDGET 2024-25
Posted On: 23 JUL 2024 1:17PM by PIB Delhi
The...
Section 242 of the Income Tax Act, 1961, clarifies that a refund claim cannot be used to challenge the...