Section 10(23FBB) of the Income Tax Act deals with taxation of business income earned by unit holders...
A survey under Section 133A of the Income Tax Act, 1961 is a legal procedure allowing income-tax authorities...
1. Scope of Total Income / Incidence of Tax [Section 5]
Total income of an assessee cannot be computed...
Section 244A governs the payment of interest on income tax refunds to assessees. Below is a detailed...
1. [Section 56(2)]: List of Incomes included under ‘Income from Other Sources’
There are many incomes...
Under Section 10(18) of the Income Tax Act, certain awardees and their family members are eligible for...
In India, the Income Tax Act provides various exemptions to taxpayers to encourage investments and promote...
Here’s a structured breakdown of the types, definitions, and residential status of companies under the Income...
To avail tax exemption under Section 11, a charitable or religious trust must satisfy the following mandatory...
Section 140 of the Income Tax Act, 1961 specifies who must verify the return of income and the authorized...
Section 10(11) of the Income Tax Act provides tax exemption on withdrawals from a Statutory Provident...
1. Overview
Applicability: Mandates sellersto collect Tax at Source (TCS) on receipt of sale consideration from...
A format to compute the capital gain is given below:
Computation of Short-term Capital Gains
Full...
When non-residents (NRIs/Foreign Investors) transfer shares/debentures of Indian companies, special tax...
Learn The New Partner Remuneration Deduction Limits Under Section 40(B) And TDS Rules Under Section 194T...
Any profits or gains arising from the transfer of a capital asset effected in the previous year, shall...
Annual Value is the taxable value assigned to a property for calculating “Income from House Property”....
Section 17(3) defines “profits in lieu of salary” as payments received by an employee in...
Section 80RRB of the Income Tax Act, 1961, provides for a deduction in respect of royalty income received...
Section 56(1) serves as the residual head of income, capturing all taxable income that does not fall...