Section 132A empowers the Income Tax Department to requisition (take custody of) books of account, documents,...
The article you’re viewing discusses significant changes to the regulations governing Charitable Trusts...
Section 80DD of the Income Tax Act in India provides a deduction for individuals or Hindu Undivided Families...
1. Key Features of Section 69A
Objective: Targets unexplained money, jewellery, or assetsfound in possession...
Applicable to: All Individual & HUF Taxpayers
This section caps the total deductions available under...
The Inverted Duty Structure (IDS) under the Goods and Services Tax (GST) regime is a situation where...
Section 74 of the Income Tax Act, 1961 governs the treatment of capital losses, providing specific rules...
Understanding of Section 80P
Section 80P of the Income Tax Act, 1961 provides a deduction in respect...
In India, hosting international sporting events is not only a matter of pride but also has significant...
Insertion of new section 8A.
153. In the Goods and Services Tax (Compensation to States) Act, 2017 (15...
The Budget 2025 proposed new tax slab rates under section 115BAC i.e., the New Tax Regime or the Default...
Assessment of Charitable Organizations When Commercial Receipts Exceed 20% Threshold [Section 13(8)]
1. Key Provision (Section 13(8))
Introduced by Finance Act 2022(Effective AY 2023-24)
Applies whena...
Introduced by the Finance Act, 2023, these provisions impose a “Ceasing Tax” on charitable/religious...
Section 38 of the Income Tax Act, 1961 governs deductions for depreciation and other expenses related...
Section 194A mandates Tax Deducted at Source (TDS) on interest payments (excluding interest on securities)...
1. Overview
Introduced: Finance Act 2021 (effective from 1st July 2021) .
Purpose: Encourage tax compliance...
The commuted value of pension refers to the lump sum amount received by an employee in lieu of a portion...
1. Understanding the Principle of Mutuality
The principle of mutuality relates to the notion that a person...
Understanding Section 10(7)
Section 10(7) provides a complete tax exemption for:
Allowances
Perquisites
paid outside...
Here’s a detailed overview of Return of Income and Procedure of Assessment (Sections 139 to 154) under...