Here’s a detailed analysis of Section 273A of the Income Tax Act, 1961, which empowers tax authorities...
Section 245MA of the Income Tax Act, 1961, introduces a faceless dispute resolution mechanism for small...
1. Basic Concept of HUF
An HUF (Hindu Undivided Family) is a separate legal entity for tax purposes,...
Here’s a detailed explanation of Section 271K of the Income Tax Act, 1961, which deals with penalties...
1. Dividend Declaration vs. Retained Earnings
Dividends:
Taxable in shareholders’ hands (10%...
Under Section 10(18) of the Income Tax Act, certain awardees and their family members are eligible for...
Section 44AA of the Income Tax Act, 1961, mandates certain taxpayers to maintain books of accounts, while Rule...
Applicable to: *Farmer Producer Companies (FPCs) registered under Companies Act, 1956/2013*
This section...
Applicable to: *Resident Individuals with 40%+ Disability*
This section provides fixed tax deductions to...
Section 194G of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on commission or remuneration...
Section 194M of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on certain payments made...
1. Overview
Introduced: Finance Act 2021 (effective from 1st July 2021) .
Purpose: Encourage tax compliance...
When it comes to dealing with various processes and procedures, understanding the time limits, forms,...
Section 197A of the Income Tax Act, 1961 provides specific situations where no Tax Deducted at Source...
1. Legal Provision
Section 206C(4)ensures that the buyer (collectee) receives credit for the TCS amount...
Applicable to: Registered Cooperative Societies
This section provides full or partial tax exemptions to...
Section 70 of the Income Tax Act, 1961, allows taxpayers to adjust losses from one source against income...
Under the Income Tax Act, brought forward losses must be set off against eligible income in the immediately...
A closely held company (where the public is not substantially interested) is subject to stricter tax...
(1) Introduction to Section-72
Section 72, which deals with the carry forward and set off of business...