INTRODUCTION-
The Goods and Services Tax (GST) is a comprehensive and multi-stage tax system that aims...
A Hindu Undivided Family (HUF) is a unique entity recognized by the Indian tax system. It is a family...
Applicable to: First-time homebuyers of affordable housing
This section provides an enhanced tax benefit for...
Applicable to: Individual taxpayers
This section provides a deduction for interest paid on loans taken...
Under Section 139(4D) of the Income Tax Act, 1961, research institutions engaged in scientific, social,...
Section 54D of the Income Tax Act, 1961, provides tax exemption on capital gains arising from the compulsory...
The Income Tax Appellate Tribunal (ITAT) is the final fact-finding authority under the Income Tax Act,...
1. Overview
Introduced: Finance Act 2021 (effective from 1st July 2021).
Purpose: Imposes higher Tax...
SCSS is a savings product available for senior citizens aged 60 or above. On the date of opening an SCSS...
Here’s a detailed analysis of Sections 269SU and 271DB of the Income Tax Act, 1961, which mandate businesses...
1. Legal Provision
Section 206C (7)mandates that sellers/collectors must pay interest if they:
Fail...
Section 245 of the Income Tax Act, 1961 allows the Income Tax Department to adjust (set off) a taxpayer’s refund...
Leave salary, or leave encashment, refers to the payment an employee receives for unused leave days....
Section 9, Income Accrue or Deemed to Accrue or Arise in India :
Section 9 describes the Incomes which...
Understanding and Conditions of Section 115F
As a Non-Resident Indian (NRI), understanding the tax implications...
Section 206C of the Act provides for tax collection at source (TCS) on business of trading in alcoholic...
1. Business [Section 2(13)]
Business includes:
Any trade, commerce, or manufacturing activity;
Any adventure...
Leave encashment refers to the amount received by an employee in exchange for unused leave balance at...
Section 234B(1) of the Income Tax Act, 1961, imposes interest if an assessee either:
Fails to pay advance...
Here’s a detailed breakdown of the tax rates on long-term capital gains (LTCG) for assets not covered...