Section 293B of the Income Tax Act, 1961, empowers the Central Board of Direct Taxes (CBDT) to condone...
1. Overview
When a taxpayer fails to pay advance tax voluntarily, the Assessing Officer (AO) can issue...
Section 55(2) – Cost of Acquisition of Capital Asset for Computing Capital Gain
Cost of acquisition...
1. Scope of Total Income / Incidence of Tax [Section 5]
Total income of an assessee cannot be computed...
Applicable to: Enterprises engaged in infrastructure, power, telecom, SEZs, etc.
This section provides 100%...
Section 10(23AA) of the Income Tax Act provides an exemption for income received by any person on behalf...
Gratuity is a significant part of an employee’s remuneration package. It is a payment made by an employer...
1. Applicability
Section 56(2)(ib) covers casual and non-recurring income from:
Lotteries(including...
(1) When an asset is acquired by the government through the process of compulsory acquisition,...
Section 234B(4) of the Income Tax Act, 1961 provides for the adjustment of interest when there is a subsequent...
Applicable to: All Individual & HUF Taxpayers
This section caps the total deductions available under...
The Capital Gains Accounts Scheme (CGAS) 1988 is a scheme under the Income Tax Act, 1961, in India. It...
Section 193 of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on interest earned from...
Under Section 261 of the Income Tax Act, 1961, an appeal can be filed before the Supreme Court of India against...
Ministry of Finance
HIGHLIGHTS OF UNION BUDGET 2025-26
Posted On: 01 FEB 2025 1:29PM by PIB Delhi
PART...
Section 234G of the Income Tax Act, 1961, imposes a late fee on institutions, trusts, or funds that fail...
Yes, a loss can arise under “Income from House Property” due to high interest on home loans or low...
Section 10(6A) of the Income Tax Act, 1961, provides a tax exemption to foreign companies on income earned...
Goods and Services Tax (GST) in India is a comprehensive, multi-stage, destination-based tax that is...
Political parties play a crucial role in any democratic society. They serve as the voice of the people,...