Section 234D of the Income Tax Act, 1961, mandates that taxpayers repay excess refunds received during...
In India, the Income Tax Act provides various exemptions to taxpayers to encourage investments and promote...
Section 22 of the Income Tax Act, 1961, defines when and how income from house property becomes taxable.
1....
1. Covered Entities (Section 10(23C))
The following enjoy 100% tax exemption on their income:
Funds/institutions...
Applicable to: Individuals
This section allows a deduction for contributions made to approved pension...
Ministry of Finance
FAQs issued by CBDT on the new Capital Gains Tax Regime proposed in the Union Budget...
With the increasing concerns about climate change and the need to reduce pollution, there has been a...
As already discussed, motor car/other vehicles, provided by the employer, is a perquisite only for specified...
Section 115JB mandates that companies calculate Minimum Alternate Tax (MAT) based on book profits (derived...
Here’s a detailed analysis of the taxability of forfeited advance money for transfer of capital assets...
Yes, a tax audit under Section 44AB is compulsory even if the accounts are already audited under:
Other...
Concept:
Section 61states that if an asset is transferred in a revocable manner, any income from that...
Applicable to: *Farmer Producer Companies (FPCs) registered under Companies Act, 1956/2013*
This section...
Section 10(23EA) of the Income Tax Act provides a tax exemption for income received by an Investor Protection...
1. General Rule for All Non-Company Entities [Section 6(2)]
The residential status of Firms, AOPs, BOIs,...
Zero-coupon bonds, also known as deep discount bonds, are fixed-income securities that do not pay periodic...
There are many incomes which are taxable under the head ‘Income from Other Sources’. However, section...
Order No. [F. No. 225/235/2024/ITA-II] Dated 31st January, 2025
MINISTRY OF FINANCE
(Department of Revenue)
Order...
Section 10(23FBB) of the Income Tax Act deals with taxation of business income earned by unit holders...
Section 234F of the Income Tax Act, 1961 imposes a late filing fee if an assessee fails to file their...