1. Basic Principle of Assessment
Clubbed income is assessed in the hands of the transferor (not the transferee)...
Section 115BBE of the Income Tax Act, 1961 imposes a flat 60% tax rate (plus 25% surcharge and 4% cess,...
Here we discuss all the Provisions towards Computation of Capital Gain in certain Special Cases and the...
Under Section 17(2) of the Income Tax Act, 1961, certain perquisites are taxable for all employees, regardless...
Section 158A of the Income Tax Act, 1961, read with Rule 16 of the Income Tax Rules, 1962, provides a...
The Goods and Services Tax framework has undergone significant transformations since its implementation...
Section 10(23BBE) of the Income Tax Act provides a complete tax exemption for the income of the Insurance...
Section 242 of the Income Tax Act, 1961, clarifies that a refund claim cannot be used to challenge the...
Under the Income Tax Act, 1961, certain transactions or scenarios are treated as “deemed profits” and...
1. Basic Condition
A taxpayer is liable to pay advance tax if:
Estimated tax liability(after deducting...
Understanding Section 10(7)
Section 10(7) provides a complete tax exemption for:
Allowances
Perquisites
paid outside...
Section 115BAB of the Income Tax Act, 1961 provides a concessional tax rate of 15% (plus surcharge &...
The Finance (No. 2) Bill, 2024, has introduced several significant amendments to the capital gains tax...
1. Who is Liable?
Every taxpayer(individuals, HUFs, companies, firms, etc.) whose estimated tax liability for...
1. Section 35(1A) relating to Filing Of Statement of any sum received by a Research Association, University,...
1. Provisions of Section 79 not to apply In case of Strategic Disinvestment of Public Sector Companies...
Section 140 of the Income Tax Act, 1961 specifies who must verify the return of income and the authorized...
Under the Income Tax Rules/ Act, certain taxpayers are required to get their accounts audited and submit...
TDS on Salary (Section 192) and TDS on Provident Fund (Section 192A) are provisions under the Income...
The Finance (No. 2) Bill, 2024, introduces significant amendments to the Central Goods and Services Tax...