Here’s a detailed breakdown of fully taxable allowances for the computation of salary income in India,...
Under Section 139(4B) of the Income Tax Act, 1961, political parties in India are mandatorily required to...
Section 147 empowers the Assessing Officer (AO) to reassess or recompute income that has escaped taxation in...
1. Overview
Applicability: Mandates sellersto collect Tax at Source (TCS) on receipt of sale consideration from...
Section 194LD of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on interest income paid...
In the era of GST, the removal of check posts nationwide aimed to streamline the movement of goods within...
The Budget 2025 proposed new tax slab rates under section 115BAC i.e., the New Tax Regime or the Default...
Under the Explanation to Section 139(9) of the Income Tax Act, 1961, a return is considered defective if...
Leave encashment refers to the amount received by an employee in exchange for unused leave balance at...
The Income Tax Act, 1961, allows for the waiver or reduction of interest in certain cases, primarily...
In order to monitor high-value transactions conducted by taxpayers, a significant regulatory measure...
Under Section 237 of the Income Tax Act, 1961, the following persons are entitled to claim a refund of...
The National Savings Certificate (NSC) is a fixed Income Investment scheme that you can open with any...
Section 132A empowers the Income Tax Department to requisition (take custody of) books of account, documents,...
Section 10(23BBE) of the Income Tax Act provides a complete tax exemption for the income of the Insurance...
1. Rationalization of provisions of TDS on sale of immovable property [Section 194-IA amended w.e.f....
Section 10(24) of the Income Tax Act provides a tax exemption for certain types of income earned by registered...
Overview of Section 10(6C)
Section 10(6C) provides a tax exemption to foreign companies on income received...
INTRODUCTION-
The Goods and Services Tax (GST) is a comprehensive and multi-stage tax system that aims...
Section 245 of the Income Tax Act, 1961 allows the Income Tax Department to adjust (set off) a taxpayer’s refund...