1. Legal Definition
Primary Responsibility: The person legally obligated to deduct TCS/TDS under the...
1. Key Features of Section 69A
Objective: Targets unexplained money, jewellery, or assetsfound in possession...
Applicable to: Individuals & HUFs
This section provides tax relief for expenses incurred on the care...
1. Business [Section 2(13)]
Business includes:
Any trade, commerce, or manufacturing activity;
Any adventure...
1. What is Section 282A?
Section 282A mandates proper authentication of all income tax notices, orders,...
1. Applicability
Section 56(2)(ib) covers casual and non-recurring income from:
Lotteries(including...
E-Invoicing has been implemented in India in a phased manner since 1st October 2020. Let us discuss whether...
Section 230 of the Income Tax Act, 1961 mandates certain individuals to obtain a Tax Clearance Certificate...
Section 10(5) of the Income Tax Act, 1961, provides an exemption for Leave Travel Concession (LTC) or Leave...
Perquisites under Section 17(2) of the Income Tax Act, 1961, are additional benefits or amenities provided...
1. Overview
Introduced: Finance Act, 2004.
Objective: Ensure tax compliance on income from leases/licenses...
1. Overview
Section 115BBD provided a concessional tax rate of 15% (plus surcharge and cess) on dividends...
1. Purpose of Rule 6G
Prescribes the forms and mannerfor submitting tax audit reports
Mandates the format...
1. Overview
Applicability: Mandates sellersto collect Tax at Source (TCS) on receipt of sale consideration from...
Under the Income Tax Act, 1961, the Commissioner of Income Tax (Exemption) [CIT(E)] has the authority...
Section 10(37) of the Income Tax Act, 1961 provides for the exemption of capital gains on compensation...
Section 30 to 35 covers the following expenses Allowed as Deduction while computing Profits and Gains...
Under Explanation 1(iii) to Section 115JB(2), companies can deduct the lower of:
Brought forward losses(as...
Sovereign Gold Bonds (SGBs) are government securities denominated in grams of gold. They are substitutes...
Death-cum-Retirement Gratuity is an important financial benefit provided to employees in India. It is...