Provident Fund Scheme is a welfare scheme for the benefit of the employees. Under this scheme, certain...
The Government of India has introduced a new Amnesty Scheme under GST, notified via Notification No. 17/2024 –...
Section 115BAC of the Income Tax Act, 1961, introduces a simplified tax regime with lower slab rates...
Section 115BAB of the Income Tax Act, 1961 provides a concessional tax rate of 15% (plus surcharge &...
Section 43CA of the Income Tax Act, 1961 addresses the taxation of undervalued transactions involving business...
Under Section 253 of the Income Tax Act, 1961, appeals can be filed before the Income Tax Appellate Tribunal...
1. Provisions of Section 79 not to apply In case of Strategic Disinvestment of Public Sector Companies...
Introduction
Agricultural land is a significant asset in India, providing employment to many people and...
Understanding Section 10(8A)
Section 10(8A) provides full tax exemption on remuneration received by:
Non-Indian...
Section 234B(3) deals with the recalculation of interest under Section 234B when the assessed tax is...
Applicable to: Individuals & HUFs
This section provides tax benefits for health-related expenditures,...
Applicable to: Developers of Affordable Housing Projects
This section provides a 100% tax exemption on...
1. Legal Status of Default
Deductor becomes “Assessee in Default”for:
Failure to deduct...
Key Rule:
Section 61 (taxation of revocable transfers) does NOT applyif the transfer is irrevocable...
Section 142A of the Income Tax Act, 1961 empowers the Assessing Officer (AO) to refer matters of asset...
1. Fundamental Principle
TDS Credit Mechanism: Any tax deducted at source (TDS) is treated as:
Payment...
Section 10(6BB) of the Income Tax Act, 1961 provides a tax exemption to foreign governments or foreign...
The Inverted Duty Structure (IDS) under the Goods and Services Tax (GST) regime is a situation where...
The Income Tax Bill 2025 will come into effect from April 1, 2026, after it is vetted by a Select Committee...
The Budget Speech for 2025-26 by Finance Minister Nirmala Sitharaman, presented in Parliament, outlines...