1. When Does This Apply?
When the taxpayer calculates their own advance tax liability(not based on the...
“Deemed profits” are amounts that aren’t traditional business income, but are still taxed as business...
Applicable to: All taxpayers (Individuals, HUFs, Firms, etc.)
This section provides 100% deduction for...
The term “actual cost” in the context of asset acquisition plays a pivotal role in income...
Section 195A of the Income Tax Act, 1961, governs scenarios where the payer agrees to bear the tax liability on...
Applicable to: All Individual & HUF Taxpayers
This section caps the total deductions available under...
The Indian Income Tax Act, 1961 classifies taxable income under five distinct heads, with “Income...
Section 10(23ED) of the Income Tax Act provides a tax exemption for income received by an Investor Protection...
Here’s a detailed breakdown of the valuation of motor car perquisites under Rule 3(2) of the Income Tax...
Section 10(46) of the Income Tax Act, 1961 provides for exemption from income tax of the specified income...
Here’s a detailed analysis of Sections 269SU and 271DB of the Income Tax Act, 1961, which mandate businesses...
A. Purpose of CRS and FATCA
In this globalized economy, tax transparency and compliance has become paramount...
Here we discuss all the Provisions towards Computation of Capital Gain in certain Special Cases and the...
Section 194BB of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on winnings from horse...
Applicable to: *Individuals aged 60+ years (including NRIs)*
This section provides higher tax relief...
Section 10(4F) of the Income Tax Act, 1961 in India provides an exemption for income earned by a non-resident...
Section 10(19A) of the Income Tax Act, 1961, exempts the annual value of one palace in the occupation...
Under the Income Tax Act, brought forward losses must be set off against eligible income in the immediately...
(1) When an asset is acquired by the government through the process of compulsory acquisition,...
Section 245MA of the Income Tax Act, 1961, introduces a faceless dispute resolution mechanism for small...