Rule 12 of the Income Tax Rules, 1962, prescribes the forms, conditions, and procedures for filing income...
The Finance (No. 2) Bill, 2024, introduces significant amendments to the Central Goods and Services Tax...
Section 68 is a critical anti-evasion provision that targets unexplained sums credited in a taxpayer’s...
Perquisites under Section 17(2) of the Income Tax Act, 1961, are additional benefits or amenities provided...
Education is an essential aspect of personal and professional growth. However, pursuing higher education...
Section 195A of the Income Tax Act, 1961, governs scenarios where the payer agrees to bear the tax liability on...
Sovereign Gold Bonds (SGBs) are government securities denominated in grams of gold. They are substitutes...
The Income Tax Bill 2025 will come into effect from April 1, 2026, after it is vetted by a Select Committee...
(1) In the world of business and taxation, there are various provisions and regulations that govern...
1. Unexplained Cash Credits [Section 68]
Where any sum is found credited in the books of an assessee,...
Understanding of Section 54B
Agriculture plays a vital role in the economy of many countries, providing...
Section 115BAA of the Income Tax Act, 1961 provides a concessional tax rate of 22% (plus surcharge &...
1. Understanding of Section 80-IAC
The Income Tax Act, 1961 provides various deductions for taxpayers...
Section 10(23C) of the Income Tax Act provides tax exemption to certain funds, institutions, universities,...
Section 10(12B) of the Income Tax Act, 1961 provides tax exemption to partial withdrawals from the National...
Section 192A of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on premature withdrawals...
Kisan Vikas Patra is a certificate scheme from the Indian post office. It doubles a one-time investment...
1. Section 80-IAC: Deduction in respect of Eligible Business or Eligible Start Up
Understanding of Section...
1. Applicability
Section 56(2)(x) covers:
Cash gifts
Immovable property(land, buildings)
Movable property(jewelry,...
Section 10(13) of the Income Tax Act, 1961 provides tax exemptions on payments received from an approved...