Section 234B(1) of the Income Tax Act, 1961, imposes interest if an assessee either:
Fails to pay advance...
S.O. 614(E).-In exercise of the powers conferred by sub-section (2) of section 168 of Finance Act, 2016...
Discover Section 44BBD Presumptive Tax — India’s New Presumptive Tax Scheme for Non-Residents Serving...
Special Provisions for computing Business income in certain cases on the basis of Estimated Income Method...
Interest income is one of the common sources of income for individuals and businesses alike. When it...
Section 10(23FF) of the Income Tax Act provides a targeted capital gains exemption for non-residents...
Here’s a detailed breakdown of fully taxable allowances for the computation of salary income in India,...
In the era of GST, the removal of check posts nationwide aimed to streamline the movement of goods within...
Applicable to: Individuals, HUFs, Firms, AOPs, BOIs, and others (except companies)
This section provides...
The Income Tax Act, 1961 provides detailed provisions under Sections 70 to 80 for setting off and carrying...
Income from salaries is taxable under Sections 15-17 of the Income Tax Act, 1961. It includes all remuneration...
1. Dividend Declaration vs. Retained Earnings
Dividends:
Taxable in shareholders’ hands (10%...
Section 69D targets hundi transactions (an informal financial instrument) conducted without banking channels,...
E-Invoicing has been implemented in India in a phased manner since 1st October 2020. Let us discuss whether...
Section 293B of the Income Tax Act, 1961, empowers the Central Board of Direct Taxes (CBDT) to condone...
Purpose:
This section provides a full tax exemption on any scholarship granted to meet educational expenses,...
Understanding of Section 80D
Section 80D of the Income Tax Act provides individuals with a deduction...
This section provides exemption for certain allowances received by employees to meet expenses incurred in...
Assessment of Charitable Organizations When Commercial Receipts Exceed 20% Threshold [Section 13(8)]
1. Key Provision (Section 13(8))
Introduced by Finance Act 2022(Effective AY 2023-24)
Applies whena...
The Goods and Services Tax framework has undergone significant transformations since its implementation...