As per Section 44AA and Rule 6F, persons carrying on Business and Professions specified below are mandatorily...
Section 234E of the Income Tax Act, 1961, imposes a late filing fee for delays in submitting TDS (Tax...
Under Section 253 of the Income Tax Act, 1961, appeals can be filed before the Income Tax Appellate Tribunal...
Understanding of Capital Gain
When it comes to the transfer of shares or debentures by non-residents,...
Section 10(4D) of the Income Tax Act, 1961 in India provides an exemption for certain income earned by...
Section 158AA of the Income Tax Act, 1961 (inserted via Finance Act, 2015) provides a mechanism to prevent...
1. Legal Provision Overview
Section 206C(1B): Mandates that sellers(collectors of TCS) must submit buyer...
Under Section 10(35A) of the Act, any income received by an investor from a securitisation trust is exempt...
Section 115JB(2) mandates that the Statement of Profit & Loss (P&L) for MAT computation must...
1. Applicability
Section 56(2)(ii) covers rental income from:
Machinery
Plant(equipment, tools, vehicles)
Furniture
when not...
Amendment of section 7.
151. In the Union Territory Goods and Services Tax Act, 2017 (14 of 2017.) (hereinafter...
Here’s a detailed analysis of Section 271J of the Income Tax Act, 1961, which imposes penalties...
Section 10(23FE) of the Income Tax Act provides an exemption in respect of certain income of wholly owned...
Here’s a detailed explanation of the penalty for failure to furnish the Equalisation Levy (EL)...
Following Business are required to get their Accounts compulsory Tax Audited by a Chartered Accountant...
The Income Tax Act, 1961, provides specific cases where TDS is not required to be deducted, even if the...
Section 142A of the Income Tax Act, 1961 empowers the Assessing Officer (AO) to refer matters of asset...
Section 194J of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made for professional...
Section 10(5) of the Income Tax Act allows for certain tax exemptions on travel expenses provided by...
Section 10(23D) of the Income Tax Act provides a tax exemption for the income of certain mutual funds...