Unit Linked Insurance Plans (ULIPs) are a unique financial product that offers the dual benefits of life...
1. Basic Concepts
AOP (Association of Persons): Group formed for common purpose (business/profession)
BOI...
Section 10(10CC) of the Income Tax Act, 1961 deals with the taxation of non-monetary perquisites provided...
Here’s a detailed explanation of the penalty for failure to furnish the Equalisation Levy (EL)...
Section 38 of the Income Tax Act, 1961 governs deductions for depreciation and other expenses related...
1. Dividend Declaration vs. Retained Earnings
Dividends:
Taxable in shareholders’ hands (10%...
1. Basic Framework
Companies are taxed on their total incomecomputed under the Income Tax Act, 1961.
Tax...
Applicable to: Businesses engaged in collecting/processing biodegradable waste
This section provides...
Section 80QQB of the Income Tax Act provides a deduction in respect of royalty income earned by authors....
Business trusts have gained popularity in recent years as a unique investment vehicle. They offer investors...
1. Business [Section 2(13)]
Business includes:
Any trade, commerce, or manufacturing activity;
Any adventure...
1. What is Section 282A?
Section 282A mandates proper authentication of all income tax notices, orders,...
Section 10(23F) of the Income Tax Act provided a tax exemption for dividends and long-term capital gains...
Section 10(23BBC) of the Income Tax Act provides a tax exemption for the income of the SAARC Fund for...
Section 234B(3) deals with the recalculation of interest under Section 234B when the assessed tax is...
Section 241A allows the Income Tax Department to withhold refunds in certain cases, even if a taxpayer...
Notification No. 09/2025 [F. No. 370142/18/2024-TPL] Dated 21th January, 2025
MINISTRY OF FINANCE
(Department...
Section 194-IB of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on rent payments exceeding ₹50,000/month by individuals...
Section 192A of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on premature withdrawals...
Order No. [F. No. 225/17/2025-ITA-II] Dated 28th January, 2025
MINISTRY OF FINANCE
(Department of Revenue)
To
All...