Section 158AA of the Income Tax Act, 1961 (inserted via Finance Act, 2015) provides a mechanism to prevent...
The Income Tax Act, 1961 contains provisions related to search, seizure, survey, and special procedures...
Here’s a detailed analysis of Section 278AB of the Income Tax Act, 1961, which empowers the Principal...
The deductions under Chapter VI-A (Sections 80A to 80U) are subject to certain overarching rules that...
Section 26 of the Income Tax Act governs the taxation of income from properties jointly owned by two...
Section 10(48) of the Income Tax Act provides an exemption in respect of income received by certain foreign...
Section 194G of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on commission or remuneration...
In India, hosting international sporting events is not only a matter of pride but also has significant...
Under Section 17(2) of the Income Tax Act, 1961, certain perquisites are taxable only for “specified...
Section 72 of the Income Tax Act, 1961, governs the carry forward and set-off of business losses, allowing...
The Capital Gains Accounts Scheme (CGAS) 1988 is a scheme under the Income Tax Act, 1961, in India. It...
Section 245 of the Income Tax Act, 1961 allows the Income Tax Department to adjust (set off) a taxpayer’s refund...
Section 194T, introduced by the Finance (No. 2) Bill, 2024, is effective from April 1, 2025. This section...
1. Legal Definitions
A. “Seller” (Section 206C(1))
Who is a Seller?
Any person/entity(individual,...
The Budget 2025 has introduced enhanced threshold limits for TDS, ensuring that smaller transactions...
1. General Rule for All Non-Company Entities [Section 6(2)]
The residential status of Firms, AOPs, BOIs,...
1. Legal Requirement
Section 206Amandates specified entities to file statements for payments made to...
Section 79 of the Income Tax Act, 1961, imposes strict restrictions on the carry-forward and set-off...
Section 140A mandates taxpayers to self-assess their income, calculate tax liability, and pay any outstanding...
Introduction
Agricultural land is a significant asset in India, providing employment to many people and...