Section 10(4) of the Income Tax Act, 1961 in India provides an exemption for certain types of interest...
The term “actual cost” in the context of asset acquisition plays a pivotal role in income...
Under the Income Tax Act, 1961, individuals and Hindu Undivided Families (HUFs) can claim exemptions...
The Income Tax Act provides multiple exemptions to reduce or eliminate capital gains tax liability if...
Section 10(23FBB) of the Income Tax Act deals with taxation of business income earned by unit holders...
1. Legal Definitions
A. “Seller” (Section 206C(1))
Who is a Seller?
Any person/entity(individual,...
INTRODUCTION-
In the realm of Goods and Services Tax (GST), credit and Debit notes play a pivotal role...
The taxation of dividends in India has undergone significant changes over the years. This article aims...
Section 40A of the Income Tax Act, 1961 specifies certain expenses or payments that cannot be deducted while...
1. Covered Entities (Section 10(23C))
The following enjoy 100% tax exemption on their income:
Funds/institutions...
Section 198 of the Income Tax Act, 1961 establishes a fundamental principle that any tax deducted at...
1. When Does This Apply?
When the taxpayer calculates their own advance tax liability(not based on the...
Section 10(6A) of the Income Tax Act, 1961, provides a tax exemption to foreign companies on income earned...
Sections 15-17 Guide : Learn How To Compute Income From Salaries Under India’s Income Tax Act....
A closely held company (where the public is not substantially interested) is subject to stricter tax...
What is Assessment?
Assessment under the Income Tax Act, 1961 refers to the process by which the Income...
The commuted value of pension refers to the lump sum amount received by an employee in lieu of a portion...
1. General Rule for All Non-Company Entities [Section 6(2)]
The residential status of Firms, AOPs, BOIs,...
Applicable to: Businesses engaged in collecting/processing biodegradable waste
This section provides...
The Income Tax Act, 1961, provides a special procedure for assessments in search cases to ensure thorough...