Allowances form a significant part of salary income and are classified into three categories for tax...
A Post Office Savings Account is one of the most popular and accessible savings accounts in India.
The...
Following goods are being exempted from levy of Social Welfare Surcharge
S. No.
Description
1.
Natural...
Section 164(2) of the Income Tax Act, 1961, deals with the taxation of discretionary trusts, including charitable...
I start with GST. It has decreased tax incidence on the common man; reduced compliance burden and logistics...
The Income Tax Appellate Tribunal (ITAT) is the second appellate authority under the Income Tax Act,...
Section 144A of the Income Tax Act, 1961, empowers the Joint Commissioner (JCIT) to intervene in pending...
Concept:
Section 61states that if an asset is transferred in a revocable manner, any income from that...
Retrenchment compensation received by an employee due to termination of employment is partially exempt from...
Section 73A of the Income Tax Act, 1961, governs the treatment of losses incurred in specified businesses under Section...
Section 132 of the Income Tax Act empowers tax authorities to conduct searches and seize undisclosed...
Introduced by the Finance Act, 2023, these provisions impose a “Ceasing Tax” on charitable/religious...
Confused About Blocked ITC Credits under GST Section 17(5) ? Learn The 6 Major Categories, Real Controversies,...
What is PAN?
Permanent Account Number (PAN) is a unique ten-digit alphanumeric identifier issued by...
The National Savings Certificate (NSC) is a fixed Income Investment scheme that you can open with any...
Under Section 237 of the Income Tax Act, 1961, the following persons are entitled to claim a refund of...
Under Explanation 1(iii) to Section 115JB(2), companies can deduct the lower of:
Brought forward losses(as...
Applicable to: All Individual & HUF Taxpayers
This section caps the total deductions available under...
1. Legal Definition
Primary Responsibility: The person legally obligated to deduct TCS/TDS under the...
Learn How Charge Of Income Tax Section 4 Functions Under The Income Tax Act, 1961. Understand Assessment...