Section 57 of the Income Tax Act, 1961, permits specific deductions while computing taxable income under...
Learn Who Qualifies As An Assessee In Income Tax Under Section 2(7) Of The Income Tax Act. Understand...
Under the Income Tax Act, 1961, certain transactions involving capital assets are excluded from the definition...
Here’s a detailed breakdown of the penalties for failure to deduct or pay Equalisation Levy (EL) under Section...
A format to compute the capital gain is given below:
Computation of Short-term Capital Gains
Full...
1. Legal Definition
Primary Responsibility: The person legally obligated to deduct TCS/TDS under the...
The Goods and Services Tax (GST) Act, 2017, has laid down comprehensive guidelines for recovery proceedings...
Understanding Section 10(8)
Section 10(8) provides tax exemption for income received by:
Foreign technicians/experts
Employees...
Under Section 54G, the Exemption is available to all categories of assessees in respect of Capital Gain...
Applicable to: Individual taxpayers buying their first home
This section provides an additional tax benefit for...
Under Section 10(4D) of the Income Tax Act, a specified fund is eligible for certain exemptions on its...
Section 10(4E) of the Income Tax Act, 1961 in India provides an exemption for income earned by a non-resident...
Applicable to: *Individuals aged 60+ years (including NRIs)*
This section provides higher tax relief...
Section 10(44) of the Income Tax Act, 1961 provides for exemption from income tax in India in respect...
Section 194LB of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on interest payments...
1. Business [Section 2(13)]
Business includes:
Any trade, commerce, or manufacturing activity;
Any adventure...
Understanding of Section 80P
Section 80P of the Income Tax Act, 1961 provides a deduction in respect...
Section 10(10CC) of the Income Tax Act, 1961, deals with the tax treatment of non-monetary perquisites...
Section 10(48) of the Income Tax Act provides an exemption in respect of income received by certain foreign...
In the following Cases, Instances of Agricultural and Non-Agricultural Incomes are described in details...