Section 164(2) of the Income Tax Act, 1961, deals with the taxation of discretionary trusts, including charitable...
1. Core Rule (Strict Liability)
No PAN = Higher TDS/TCS:
TDS rate: 20%(instead of normal rate)
TCS...
1. Perquisites [(Section 17(2)]- Income under the head Salaries
Section 17(2) of the Income-tax Act,...
Here’s a detailed explanation of Penalty under Section 271AAC of the Income Tax Act, 1961, which applies...
The Budget 2025 proposed new tax slab rates under section 115BAC i.e., the New Tax Regime or the Default...
Section 10(23AA) of the Income Tax Act provides an exemption for income received by any person on behalf...
What are the Deemed Profits and how they chargeable to Tax as Business Income
1. Recovery against any...
Here’s a detailed explanation of Section 269T of the Income Tax Act, 1961, which governs the mode of...
Here’s a detailed table summarizing the tax treatment of Provident Fund (PF) contributions, interest,...
Section 80U of the Income Tax Act provides relief to individuals with disabilities by allowing them to...
The Income Tax Act provides multiple exemptions to reduce or eliminate capital gains tax liability if...
1. Business [Section 2(13)]
Business includes:
Any trade, commerce, or manufacturing activity;
Any adventure...
Section 30 to 35 covers the following expenses Allowed as Deduction while computing Profits and Gains...
1. Purpose of Section 115JAA
Allows companies to claim creditfor excess MAT paid (when MAT > normal...
Section 45(3) of the Indian Income Tax Act, 1961, deals with the taxation of capital gains arising from...
Here’s a detailed explanation of Section 40(a)(ib) of the Income Tax Act, 1961, which deals with...
Enrolment Duration
Expenditure Duration
Beneficiaries
Central Outlay
Years
(lakhs)
(Rs....
Is one of the most well-known investment schemes offered by the India Post. While the scheme is open...
Section 10(10D) of the Income Tax Act deals with the tax treatment of the sum assured received from a...
Under the Income Tax Act, there are certain provisions that govern the taxation of income earned by minors....