Section 140A mandates taxpayers to self-assess their income, calculate tax liability, and pay any outstanding...
Applicable to: Manufacturing, SMEs, and select service providers
This section provides partial to full...
The Budget Speech for 2025-26 by Finance Minister Nirmala Sitharaman, presented in Parliament, outlines...
Ministry of Finance
Posted On: 22 JAN 2025 8:09PM by PIB Delh
CBDT notifies amendments in Income-tax...
Applicable to: Individual authors/researchers (Indian residents)
This section provides tax relief on royalty...
Purpose:
This section provides a full tax exemption on pension received by government employees (or their...
To simplify tax compliance and enhance the ease of doing business, the Finance Act has proposed significant...
The Income Tax Appellate Tribunal (ITAT) is the final fact-finding authority under the Income Tax Act,...
Section 44AA of the Income Tax Act, 1961, mandates certain taxpayers to maintain books of accounts, while Rule...
Agricultural income holds a special position in India’s taxation system, with specific exemptions...
Section 234B(3) deals with the recalculation of interest under Section 234B when the assessed tax is...
A format to compute the capital gain is given below:
Computation of Short-term Capital Gains
Full...
Section 10(23AA) of the Income Tax Act provides an exemption for income received by any person on behalf...
Section 10(12B) of the Income Tax Act, 1961 provides tax exemption to partial withdrawals from the National...
Section 10(6A) of the Income Tax Act, 1961, provides a tax exemption to foreign companies on income earned...
Section 10(10B) of the Income Tax Act, 1961 provides important tax relief for workmen who receive compensation...
Section 220(2) of the Income Tax Act, 1961, imposes interest @ 1% per month on unpaid tax demands if...
Understanding Section 71: Inter-Head Adjustment
Section 71 of the Income Tax Act, 1961 allows taxpayers...
Section 10(23BBE) of the Income Tax Act provides a complete tax exemption for the income of the Insurance...
Note:
(a) “Basic Excise Duty” means the excise duty set forth in the Fourth Schedule to the...