The Finance (No. 2) Bill, 2024, has introduced several significant amendments to the capital gains tax...
Short Answer: No, the Annual Value (AV) or Net Annual Value (NAV) of a property cannot be negative under...
Section 245MA of the Income Tax Act, 1961, introduces a faceless dispute resolution mechanism for small...
Section 194P of the Income Tax Act, 1961, provides a TDS exemption for senior citizens (aged 75+) with...
Section 273AA of the Income Tax Act, 1961, empowers the Principal Commissioner or Commissioner to grant...
Section 28 of the Income Tax Act, 1961 defines the incomes chargeable under the head “Profits and...
Interest income is one of the common sources of income for individuals and businesses alike. When it...
Order No. [F. No. 225/17/2025-ITA-II] Dated 28th January, 2025
MINISTRY OF FINANCE
(Department of Revenue)
To
All...
1. Introduction to Section 70 –
The Indian Income Tax Act, 1961, provides various provisions for...
Here’s a detailed analysis of Sections 269SU and 271DB of the Income Tax Act, 1961, which mandate businesses...
Sovereign Gold Bonds (SGBs) are government securities denominated in grams of gold. They are substitutes...
Here’s a detailed breakdown of Section 271AAD of the Income Tax Act, 1961, which imposes penalties for...
Section 264B of the Income Tax Act, 1961, pertains to the faceless effect of orders passed under the...
1. Business [Section 2(13)]
Business includes:
Any trade, commerce, or manufacturing activity;
Any adventure...
Introduction
The Goods and Services Tax (GST) registration process in India has seen a significant shift...
Section 72A of the Income Tax Act, 1961, provides exceptional relief for companies undergoing restructuring...
1. Legal Status of Default
Deductor becomes “Assessee in Default”for:
Failure to deduct...
Section 293B of the Income Tax Act, 1961, empowers the Central Board of Direct Taxes (CBDT) to condone...
Section 74A of the Income Tax Act, 1961, provides specific rules for the treatment of losses incurred...
Perquisites under Section 17(2) of the Income Tax Act, 1961, are additional benefits or amenities provided...