Provident Fund Scheme is a welfare scheme for the benefit of the employees. Under this scheme, certain...
Ministry of Finance
Posted On: 22 JAN 2025 8:09PM by PIB Delh
CBDT notifies amendments in Income-tax...
Notification No. 02/2025 [F. No. 275/110/2024-IT(B)] Dated 2nd January, 2025
MINISTRY OF FINANCE
(Department...
Here’s a detailed summary of the treatment of ULIPs (Unit-Linked Insurance Plans) as capital gains under...
1. Perquisites [(Section 17(2)]- Income under the head Salaries
Section 17(2) of the Income-tax Act,...
Interest on Non-resident (External) Account (NRE) is exempt from income tax in India under Section 10(4)(ii)...
1. Legal Provision
Section 206C(4)ensures that the buyer (collectee) receives credit for the TCS amount...
1. Primary Responsibilities of Deductor
Tax Deduction at Source:
Must deduct correct % as per Income...
1. Introduction to Loss Carry Forward
When losses cannot be fully adjusted in the same financial year,...
As already discussed, motor car/other vehicles, provided by the employer, is a perquisite only for specified...
An Income Tax Survey is a legal procedure under Section 133A of the Income Tax Act, 1961, where tax authorities...
Basic Rule
Under Section 64(1A), all income of a minor child (below 18 years) is automatically clubbed with...
Notified special allowance is an allowance that has been notified by the Central Government under Section...
This section provides exemption for certain allowances received by employees to meet expenses incurred in...
Insertion of new section 8A.
153. In the Goods and Services Tax (Compensation to States) Act, 2017 (15...
Section 10(12C) of the Income Tax Act, 1961 provides important tax benefits for individuals enrolled...
(A) Valuation of Perquisites: Sweeper, Gardener, Watchman, or Personal Attendant [Rule 3(3)]
Under Rule...
1. Basic Framework
Companies are taxed on their total incomecomputed under the Income Tax Act, 1961.
Tax...
Understanding of Capital Gain
When it comes to the transfer of shares or debentures by non-residents,...
To avail tax exemption under Section 11, a charitable or religious trust must satisfy the following mandatory...