1. Basic Framework
Companies are taxed on their total incomecomputed under the Income Tax Act, 1961.
Tax...
Here’s a comprehensive analysis of Section 56(2)(viib) of the Income Tax Act, 1961, which taxes share...
Here’s a detailed explanation of Penalty under Section 271AAB(1A) of the Income Tax Act, 1961, applicable...
Section 115JB ensures that companies with substantial book profits but low or no taxable income (due...
Section 10(11) of the Income Tax Act provides tax exemption on withdrawals from a Statutory Provident...
Purpose:
This section provides a tax exemption on payments received as awards, rewards, or prizes from:
Central/State...
1. Introduction to Clubbing of Income
The Indian Income Tax Act, 1961, has provisions that prevent taxpayers...
Section 72 of the Income Tax Act, 1961, governs the carry forward and set-off of business losses, allowing...
Section 206C(1G) of the Income Tax Act, 1961 mandates Tax Collected at Source (TCS) on:
Outbound remittancesunder...
Section 194B of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on winnings from games...
Here’s a detailed breakdown of tax-free perquisites applicable to all employees under the Income Tax...
Section 72A of the Income Tax Act, 1961, provides exceptional relief for companies undergoing restructuring...
The Income Tax Act, 1961 contains provisions related to search, seizure, survey, and special procedures...
Section 234H of the Income Tax Act, 1961 imposes a fee for failure to intimate/link one’s Aadhaar...
Section 54GA of the Income Tax Act provides an exemption on capital gains arising from the transfer of...
Section 194LC of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on interest payments...
Under Section 10(35A) of the Act, any income received by an investor from a securitisation trust is exempt...
1. [Section 80C]: Deduction in respect of Life Insurance Premium, Deferred Annuity, Contributions to...
Section 37(1) of the Income Tax Act, 1961 is a crucial provision that allows businesses and professionals...