1. Who is Exempt?
Resident Individuals aged 60 years or above(Senior Citizens).
Condition: Must not...
1. Unexplained Cash Credits [Section 68]
Where any sum is found credited in the books of an assessee,...
An individual may either be a:
(a) Resident in India; or
(b) Deemed to be Resident In India...
Notification No. 04/2025 [F. No. 196/1/2023-ITA-I] Dated 3nd January, 2025
MINISTRY OF FINANCE
(Department...
1. Scope of Total Income / Incidence of Tax [Section 5]
Total income of an assessee cannot be computed...
The provisions relating to Direct Taxes for the Financial Year 2025-26 in India include several key changes...
1. Overview
Section 293C of the Income Tax Act, 1961 empowers the Central Government to withdraw approvals...
Section 16 allows three key deductions from gross salary income before computing taxable salary. These...
Section 194BB of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on winnings from horse...
Under the Income Tax Act, 1961, certain expenses are expressly disallowed while computing taxable income...
Section 44AB of the Income Tax Act, 1961 mandates a compulsory tax audit for businesses and professionals...
Applicable to: Individuals & HUFs
This section provides tax benefits for health-related expenditures,...
Unit Linked Insurance Plans (ULIPs) are a unique financial product that offers the dual benefits of life...
Section 158AA of the Income Tax Act, 1961 (inserted via Finance Act, 2015) provides a mechanism to prevent...
As per Section 44AA and Rule 6F, persons carrying on Business and Professions specified below are mandatorily...
Section 206C of the Act provides for tax collection at source (TCS) on business of trading in alcoholic...
Section 293B of the Income Tax Act, 1961, empowers the Central Board of Direct Taxes (CBDT) to condone...
1. Key Features of Section 69
Objective: Targets unexplained investments(e.g., property, gold, shares)...
Section 132 of the Income Tax Act, 1961, empowers the Income Tax Department to conduct search and seizure...
Under Section 253 of the Income Tax Act, 1961, appeals can be filed before the Income Tax Appellate Tribunal...