1. Unexplained Cash Credits [Section 68]
Where any sum is found credited in the books of an assessee,...
Section 68 is a critical anti-evasion provision that targets unexplained sums credited in a taxpayer’s...
Section 10(6A) of the Income Tax Act, 1961, provides a tax exemption to foreign companies on income earned...
Applicable to: Banks/Financial Institutions operating in IFSCs (e.g., GIFT City)
This section provides 100%...
Here’s a detailed breakdown of the penalties for failure to deduct or pay Equalisation Levy (EL) under Section...
Agricultural income holds a special position in India’s taxation system, with specific exemptions...
Section 219 of the Income Tax Act, 1961 governs how advance tax payments are credited against a taxpayer’s...
Section 10(34A) of the Income Tax Act provides a tax exemption for shareholders on income received from...
Section 194T, introduced by the Finance (No. 2) Bill, 2024, is effective from April 1, 2025. This section...
Introduction
In the world of business and finance, it is not uncommon for companies to convert their...
There are many incomes which are taxable under the head ‘Income from Other Sources’. However, section...
Ministry of Finance
GOVERNMENT MAKES NEW TAX REGIME MORE ATTRACTIVE
STANDARD REDUCTION INCREASED FROM...
Every person shall quote his permanent account number in all documents pertaining to the transactions...
Section 10(23FC) of the Income Tax Act provides a tax exemption for specific types of income earned by...
Sukanya Samriddhi Account is a Government of India backed saving scheme targeted at the parents of girl...
Section 140A mandates taxpayers to self-assess their income, calculate tax liability, and pay any outstanding...
Indian Strategic Petroleum Reserves Limited (ISPRL) plays a crucial role in ensuring the energy security...
This Trust Deed is made and executed on this [Date] day of [Month], [Year] at [Place] by:
SETTLOR:
Name:...
Section 198 of the Income Tax Act, 1961 establishes a fundamental principle that any tax deducted at...
1. Set-Off Rules for Current Year Losses
Intra-head adjustment (Section 70):
Business losses can be...