Section 80RRB of the Income Tax Act, 1961, provides for a deduction in respect of royalty income received...
1. Section 35(1A) relating to Filing Of Statement of any sum received by a Research Association, University,...
Under the Employees’ Provident Fund (EPF) scheme, employers are required to contribute to a Recognised...
1. Key Provision
Section 37(2B)of the Income Tax Act, 1961, disallows any deduction for expenses incurred...
The treatment of vouchers under GST has been a subject of debate due to their unique nature. This article...
Notification No. 03/2025 [F. No. 275/109/2024-IT(B)] Dated 2nd January, 2025
MINISTRY OF FINANCE
(Department...
An individual may either be a:
(a) Resident in India; or
(b) Deemed to be Resident In India...
Section 115JB(2) mandates that the Statement of Profit & Loss (P&L) for MAT computation must...
Section 56(2)(viib) of the Income Tax Act, 1961, is a provision that pertains to closely-held companies...
A format to compute the capital gain is given below:
Computation of Short-term Capital Gains
Full...
Applicable to: Individuals & HUFs
This section provides tax relief for expenses incurred on the care...
Section 72 of the Income Tax Act, 1961, governs the carry forward and set-off of business losses, allowing...
Under Section 10(35A) of the Act, any income received by an investor from a securitisation trust is exempt...
Section 54H of the Income Tax Act, 1961 in India provided for an extension of time for acquiring a new...
Under the Explanation to Section 139(9) of the Income Tax Act, 1961, a return is considered defective if...
1. Applicability
Section 56(2)(ib) covers casual and non-recurring income from:
Lotteries(including...
Section 194-IA of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made for...
Under the Goods and Services Tax (GST) regime in India, healthcare services and hospital room rent are...
1. Key Features of Section 69C
Objective: Targets unexplained expenseswhere the assessee cannot prove...
Section 10(23D) of the Income Tax Act provides a tax exemption for the income of certain mutual funds...