Section 44AA of the Income Tax Act, 1961, mandates certain taxpayers to maintain books of accounts, while Rule...
1. Legal Provision
Section 206C(4)ensures that the buyer (collectee) receives credit for the TCS amount...
1. Enabling the Commissioner (Appeals) to levy Penalty under Section 271AAB. 271AAC and 271AAD of the...
A recognized provident fund is a retirement savings scheme that is approved by the government. It is...
Under the Income Tax Act, 1961, the right to claim a refund depends on who has paid the excess tax and...
1. Legal Basis and Purpose
Section 203Amandates obtaining a 10-digit alphanumeric TAN for entities deducting/collecting...
1. Legal Provision
Section 206C(6)imposes penalties on sellers/collectors who fail to collect Tax Collected...
Here’s a structured overview of Collection of Tax at Lower Rate under Section 206C(9), (10), (11)...
Here’s a detailed analysis of Sections 269SU and 271DB of the Income Tax Act, 1961, which mandate businesses...
Section 142 empowers the Assessing Officer (AO) to conduct a preliminary inquiry before finalizing an...
(1) Conditions to be satisfied for applicability of Section 112A [Section 112A(1)]:
Notwithstanding...
Under the Income Tax Act, brought forward losses must be set off against eligible income in the immediately...
According to Section 10(7), allowances or perquisites received by an employee outside of India for rendering...
1. Definition & Applicability
Entertainment Allowance is a special allowance given to employees to...
Section 73 of the Income Tax Act, 1961, governs the treatment of speculation business losses, imposing...
Yes, a loss can arise under “Income from House Property” due to high interest on home loans or low...
Section 80G of the Income Tax Act, 1961 provides provisions for claiming deductions on donations made...
A. Legislative Changes in Customs Laws
A.1 Amendments in the Customs Act, 1962
(i) Section 28 DA is being...
1. Scope of Section 56(2)(id)
This provision covers interest income from securities when:
Not chargeable...
Section 7 of the Income Tax Act, 1961, defines certain incomes that are deemed to be received in India,...