Circular No. 01/2025 [F. No. 500/05/2020/FT&TR-II] Dated 21st January, 2025
Government of India
Ministry...
Section 194C of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made to resident...
Under the Income Tax Act, 1961, certain transactions or scenarios are treated as “deemed profits” and...
1. Overview
Section 115BBD provided a concessional tax rate of 15% (plus surcharge and cess) on dividends...
It was introduced under chapter VIII of Finance Act, 2016. This chapter came in to force from 1st June,...
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...
Interest income is one of the common sources of income for individuals and businesses alike. When it...
Section 218 of the Income Tax Act, 1961 deals with situations where a taxpayer is considered to be in...
The Income Tax Act contains provisions to prevent tax avoidance by transferring income to other persons...
1. Legal Basis
Proviso to Section 206C(3): Requires sellers/collectorsto submit a statement of TCS collected...
1. Legal Provision
Section 206C(4)ensures that the buyer (collectee) receives credit for the TCS amount...
Purpose:
This section provides a tax exemption on payments made by an Indian company to a foreign entity...
Section 10(23AAB) of the Income Tax Act provides an exemption for income of a pension fund set up by:
Life...
Section 194H of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made as commission...
The Tonnage Tax Scheme is a special taxation regime introduced under Chapter XII-G (Sections 115V to...
1. Basic Concepts
Firm: Partnership firm registered under Partnership Act, 1932
LLP: Limited Liability...
The Central Board of Direct Taxes (CBDT) has issued Notification No. 2 of 2024, which addresses the time...
In the era of GST, the removal of check posts nationwide aimed to streamline the movement of goods within...
Yes, under Section 238 of the Income Tax Act, 1961, a person other than the assessee can claim a refund...