Under Section 23(2) to (4) of the Income Tax Act, 1961, a self-occupied residential property (SOP) is...
Section 194EE of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on withdrawals from...
1. Enabling the Commissioner (Appeals) to levy Penalty under Section 271AAB. 271AAC and 271AAD of the...
There are many incomes which are taxable under the head ‘Income from Other Sources’. However, section...
1. Introduction to Section 70 –
The Indian Income Tax Act, 1961, provides various provisions for...
Here’s a detailed table summarizing the tax treatment of Provident Fund (PF) contributions, interest,...
Being a Member of Parliament (MP) or a Member of Legislative Assembly (MLA) is a position of great responsibility....
Applicable to: Enterprises engaged in infrastructure, power, telecom, SEZs, etc.
This section provides 100%...
Section 26 of the Income Tax Act governs the taxation of income from properties jointly owned by two...
Section 44AB of the Income Tax Act, 1961 mandates a compulsory tax audit for businesses and professionals...
(1) When a company goes into liquidation, it is important to understand the implications it can...
Purpose:
This section provides a 100% tax exemption to foreign companies on income earned from leasing cruise...
Section 10(20) of the Income Tax Act, 1961 provides exemption from income tax for the income of a local...
1. Overview
Introduced: Finance Act, 2004.
Objective: Ensure tax compliance on income from leases/licenses...
1. When Does This Apply?
When the taxpayer calculates their own advance tax liability(not based on the...
Section 10(14) provides exemptions for certain special allowances granted to employees for specific purposes....
Here’s a structured table summarizing the penal provisions related to Tax Collected at Source (TCS) under Sections...
Section 10(10CC) of the Income Tax Act, 1961 deals with the taxation of non-monetary perquisites provided...
1. Applicability
Section 56(2)(ii) covers rental income from:
Machinery
Plant(equipment, tools, vehicles)
Furniture
when not...
Pensions are fixed sums of money that individuals receive at regular intervals after retirement. They...