The Government of India’s Department of Posts, Ministry of Communications, offers fixed deposit accounts...
Under the Goods and Services Tax (GST) regime, Goods Transport Agency (GTA) and EWAY BILL are critical...
The deductions under Chapter VI-A (Sections 80A to 80U) are subject to certain overarching rules that...
Section 194-I of the Income Tax Act, 1961, a crucial piece of legislation in India, governs the taxation...
Section 10(23FC) of the Income Tax Act provides a tax exemption for specific types of income earned by...
1. Fundamental Principle
TDS Credit Mechanism: Any tax deducted at source (TDS) is treated as:
Payment...
Here’s a detailed explanation of Penalty under Section 271H of the Income Tax Act, 1961, which applies...
(1) Introduction to Section-71 (Inter-Head Adjustment)
Under the Indian Income Tax Act, 1961, taxpayers...
Section 10(23F) of the Income Tax Act provided a tax exemption for dividends and long-term capital gains...
1. Legal Status of Default
Deductor becomes “Assessee in Default”for:
Failure to deduct...
Basic Rule
Under Section 64(1A), all income of a minor child (below 18 years) is automatically clubbed with...
Here’s a detailed overview of Return of Income and Procedure of Assessment (Sections 139 to 154) under...
Under Section 10(2) of the Income Tax Act, 1961, the sum received by a member from a Hindu Undivided...
Section 10(12) of the Income Tax Act governs the tax treatment of withdrawals from a Recognised Provident...
1. [Section 56(2)]: List of Incomes included under ‘Income from Other Sources’
There are many incomes...
Section 194LB of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on interest payments...
Here’s a consolidated table of the revised TDS threshold limits effective from April 1, 2025, based on...
Under the Income Tax Act, 1961, if a taxpayer or the Income Tax Department is dissatisfied with an order...
Section 10(11) of the Income Tax Act provides tax exemption on withdrawals from a Statutory Provident...
Section 10(48A) of the Income Tax Act provides an exemption in respect of income earned by a foreign...