When income is clubbed under Sections 60-65 of the Income Tax Act, it is taxed under the same head as...
1. Business [Section 2(13)]
Business includes:
Any trade, commerce, or manufacturing activity;
Any adventure...
Section 10(24) of the Income Tax Act provides a tax exemption for certain types of income earned by registered...
Under Section 139(4A) of the Income Tax Act, 1961, charitable and religious trusts/institutions must...
CBDT issues clarification in respect of Income-tax clearance certificate (ITCC)-Press Release by PIB
Ministry of Finance
CBDT issues clarification in respect of Income-tax clearance certificate (ITCC)
It...
This section provides tax exemptions on certain types of interest income earned from specified bonds,...
Section 219 of the Income Tax Act, 1961 governs how advance tax payments are credited against a taxpayer’s...
Basic Rule
Under Section 64(1A), all income of a minor child (below 18 years) is automatically clubbed with...
Section 10(22B) of the Income Tax Act, 1961, exempts the income of a specified news agency from tax....
Following Business are required to get their Accounts compulsory Tax Audited by a Chartered Accountant...
In India, hosting international sporting events is not only a matter of pride but also has significant...
Ministry of Finance
HIGHLIGHTS OF THE UNION BUDGET 2024-25
Posted On: 23 JUL 2024 1:17PM by PIB Delhi
The...
Section 54D of the Income Tax Act, 1961, provides tax exemption on capital gains arising from the compulsory...
Section 80GG of the Income Tax Act allows individuals to claim deductions for the rent paid when they...
Section 196A of the Income Tax Act, 1961 governs the Tax Deducted at Source (TDS) on income paid to non-residents (including foreign...
Section 234A(4) of the Income Tax Act, 1961, deals with the adjustment of interest when there is a subsequent revision,...
What is Assessment?
Assessment under the Income Tax Act, 1961 refers to the process by which the Income...
Purpose:
This section provides full tax exemption on certain allowances received by:
Members of Parliament...
Section 10(6) of the Income Tax Act, 1961 provides an exemption from income tax for certain income received...
House Rent Allowance (HRA) is a common component of most employees’ salary packages. It is provided...