Section 56(1) serves as the residual head of income, capturing all taxable income that does not fall...
Under Section 248 of the Income Tax Act, 1961, a person who denies liability to deduct tax at source...
Under the Income Tax Rules/ Act, certain taxpayers are required to get their accounts audited and submit...
1. Computation of Income under the head Income from “Salaries”
The first head of income is...
Section 144B introduces a technology-driven, faceless assessment scheme to eliminate human interface,...
Section 194A mandates Tax Deducted at Source (TDS) on interest payments (excluding interest on securities)...
To simplify tax compliance and enhance the ease of doing business, the Finance Act has proposed significant...
A. Changes in Basic Customs Duty (to be effective from 24.07.2024)
S. No.
Chapter, Heading, sub-...
1. Rationalization of provisions of TDS on sale of immovable property [Section 194-IA amended w.e.f....
The Income Tax Bill 2025 will come into effect from April 1, 2026, after it is vetted by a Select Committee...
Section 196B of the Income Tax Act, 1961 governs the Tax Deducted at Source (TDS) on income paid to non-residents or foreign...
Applicable to: Enterprises engaged in infrastructure, power, telecom, SEZs, etc.
This section provides 100%...
A Hindu Undivided Family (HUF) is a unique entity recognized by the Indian tax system. It is a family...
Education is an essential aspect of personal and professional growth. However, pursuing higher education...
The Supreme Court of India’s decision in the case of Chief Commissioner of Central Goods and Services...
1. Legal Provision
Section 206C (7)mandates that sellers/collectors must pay interest if they:
Fail...
Section 115BAA of the Income Tax Act, 1961 provides a concessional tax rate of 22% (plus surcharge &...
1. Overview
Section 115BBD provided a concessional tax rate of 15% (plus surcharge and cess) on dividends...
Income tax laws in India provide various deductions and exemptions to taxpayers, helping them reduce...
1. Legal Requirement
Section 206C(5): Mandates that every seller/collectormust issue a TCS certificate...