1. Basic Principle of Assessment
Clubbed income is assessed in the hands of the transferor (not the transferee)...
1. Primary Responsibilities of Deductor
Tax Deduction at Source:
Must deduct correct % as per Income...
The Income Tax Law in India is a complex and ever-changing set of regulations that govern the taxation...
1. Core Rule (Strict Liability)
No PAN = Higher TDS/TCS:
TDS rate: 20%(instead of normal rate)
TCS...
Here’s a detailed breakdown of the tax rates on long-term capital gains (LTCG) for assets not covered...
To promote digital transactions, the Income Tax Act mandates certain businesses to compulsorily accept...
The Central Board of Direct Taxes (CBDT) has issued Notification No. 2 of 2024, which addresses the time...
An Association of Persons (AOP), whether incorporated or not, is treated as a `person` under section...
Pensions are fixed sums of money that individuals receive at regular intervals after retirement. They...
Notification No. 06/2025 [F. No. 275/108/2024-IT(B)] Dated 6th January, 2025
MINISTRY OF FINANCE
(Department...
1. Unexplained Cash Credits [Section 68]
Where any sum is found credited in the books of an assessee,...
Understanding of Section 80D
Section 80D of the Income Tax Act provides individuals with a deduction...
E-Invoicing has been implemented in India in a phased manner since 1st October 2020. Let us discuss whether...
If you missed the deadline to claim a tax refund, you may still file a delayed refund claim under specific...
Provisions and Amendments Relating to Direct Tax Vivad se Vishwas Scheme, 2024
The Income-tax Act, 1961...
Section 10(23EC) of the Income Tax Act provides a tax exemption for income received by an Investor Protection...
Section 80TTA of the Income Tax Act, 1961 provides for a deduction in respect of interest on deposits...
Section 17(3) defines “profits in lieu of salary” as payments received by an employee in...
Circular No. 03/2025 [F. No. 275/107/2024-IT(B)] Dated 20th February, 2025
Government of India
Ministry...
Compensation received under a Voluntary Retirement Scheme (VRS) or Voluntary Separation Scheme is partially...