Allowances form a significant part of salary income and are classified into three categories for tax...
E-Invoicing has been implemented in India in a phased manner since 1st October 2020. Let us discuss whether...
1. Basic Concepts
Firm: Partnership firm registered under Partnership Act, 1932
LLP: Limited Liability...
Applicable to: Individuals (Salaried & Self-Employed)
This section provides tax benefits for contributions...
Under Section 234C of the Income Tax Act, taxpayers are generally required to pay advance tax in instalments....
Section 10(4C) of the Income Tax Act, 1961 in India provides an exemption for interest income earned...
Provisions and Amendments Relating to “Goods and Service Tax (GST)” under Finance (No.2) Bill, 2024.
Note:
(a) CGST Act means Central Goods and Services Tax Act, 2017
(b) IGST Act means...
1. Basic Framework
Companies are taxed on their total incomecomputed under the Income Tax Act, 1961.
Tax...
The Public Provident Fund (PPF) scheme is a very popular long-term savings scheme in India because of...
Section 10(13) of the Income Tax Act, 1961 provides tax exemptions on payments received from an approved...
Here’s a detailed explanation of Section 271K of the Income Tax Act, 1961, which deals with penalties...
Section 10(22B) of the Income Tax Act, 1961, exempts the income of a specified news agency from tax....
Section 10(23FE) of the Income Tax Act provides a tax exemption for certain types of income earned by...
1. Understanding of Section 80-IBA
Section 80-IBA of the Income Tax Act, 1961, provides a deduction...
Death-cum-Retirement Gratuity is an important financial benefit provided to employees in India. It is...
TDS on Salary (Section 192) and TDS on Provident Fund (Section 192A) are provisions under the Income...
Section 18 of the Central Goods and Services Tax (CGST) Act, 2017, deals with the availability and eligibility...
1. Set-Off Rules for Current Year Losses
Intra-head adjustment (Section 70):
Business losses can be...
Applicable to: First-time homebuyers of affordable housing
This section provides an enhanced tax benefit for...
Section 194-IC of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on monetary payments...