Introduction-
The CBIC vide Notification No. 04/2024 – Central Tax dated January 05, 2024, notified the...
1. Fundamental Principle
TDS Credit Mechanism: Any tax deducted at source (TDS) is treated as:
Payment...
Applicable to: Individual taxpayers buying their first home
This section provides an additional tax benefit for...
Assessment of Charitable Organizations When Commercial Receipts Exceed 20% Threshold [Section 13(8)]
1. Key Provision (Section 13(8))
Introduced by Finance Act 2022(Effective AY 2023-24)
Applies whena...
An individual may either be a:
(a) Resident in India; or
(b) Deemed to be Resident In India...
Insertion of new section 8A.
153. In the Goods and Services Tax (Compensation to States) Act, 2017 (15...
Section 10(4) of the Income Tax Act, 1961 in India provides an exemption for certain types of interest...
A. Changes in Basic Customs Duty (to be effective from 24.07.2024)
S. No.
Chapter, Heading, sub-...
Section 10(23AA) of the Income Tax Act provides an exemption for income received by any person on behalf...
Section 10(4E) of the Income Tax Act, 1961 in India provides an exemption for income earned by a non-resident...
Section 71B of the Income Tax Act, 1961, governs the carry forward and set-off of losses from house property,...
Section 80JJAA of the Indian Income Tax Act, 1961 provides a valuable deduction for employers who create...
Applicable to: Individuals & HUFs (for self or dependent relatives)
This section provides tax relief...
Under Section 10(17A) of the Income Tax Act, any award or reward received by an individual in recognition...
The provisions, which are being discussed under various sub-sections of section 40A have overriding effect ...
Charitable and religious trusts or institutions registered under the Income Tax Act, 1961, are generally...
Basic Rule
Under Section 64(1A), all income of a minor child (below 18 years) is automatically clubbed with...
Under the Income Tax Act, 1961, if a taxpayer or the Income Tax Department is dissatisfied with an order...
Gratuity is a significant part of an employee’s remuneration package. It is a payment made by an employer...
Section 194 of the Income Tax Act, 1961, governs Tax Deducted at Source (TDS) on dividend payments made...