Section 44AE of the Income Tax Act, 1961 provides a simplified presumptive taxation scheme for businesses...
1. Legal Basis
Section 206C(6A)empowers tax authorities to impose penalties under Section 221 on sellers...
Purpose:
This section provides full tax exemption on certain allowances received by:
Members of Parliament...
Section 10(23FBB) of the Income Tax Act deals with taxation of business income earned by unit holders...
Here’s a detailed breakdown of the collection and recovery of Equalisation Levy (EL) under Sections 166...
The Budget 2025 proposed new tax slab rates under section 115BAC i.e., the New Tax Regime or the Default...
1. Section 35(1A) relating to Filing Of Statement of any sum received by a Research Association, University,...
Section 10(2) of the Income Tax Act, 1961, provides a tax exemption for sums received by a member of...
When it comes to retirement planning, superannuation funds play a crucial role in providing financial...
1. Scope of Total Income / Incidence of Tax [Section 5]
Total income of an assessee cannot be computed...
1. Scope of Section 56(2)(id)
This provision covers interest income from securities when:
Not chargeable...
1. Purpose of Rule 6G
Prescribes the forms and mannerfor submitting tax audit reports
Mandates the format...
Section 50C of the Indian Income Tax Act, 1961, is applicable to the computation of capital gains in...
Interest incomes which are exempt under section 10(15) could be explained with the help of the following...
Agricultural income and its tax treatment in India fall under Section 10(1) of the Income Tax Act, 1961....
Introduction:
Section 67 of the Central Goods and Services Tax (CGST) Act, 2017, deals with the power...
1. Legal Status of Default
Deductor becomes “Assessee in Default”for:
Failure to deduct...
1. Covered Entities (Section 10(23C))
The following enjoy 100% tax exemption on their income:
Funds/institutions...
Here’s a detailed explanation of tax relief under Section 89(1) read with Rule 21A of the Income Tax...
1. Gratuity
Gratuity is a payment made by the employer to an employee in appreciation of the past services...