Section 80RRB of the Income Tax Act, 1961, provides for a deduction in respect of royalty income received...
Section 72 of the Income Tax Act, 1961, governs the carry forward and set-off of business losses, allowing...
Section 142A of the Income Tax Act, 1961 empowers the Assessing Officer (AO) to refer matters of asset...
Section 10(16) of the Income Tax Act, 1961 provides exemption from income tax for scholarships granted...
Section 206C of the Income Tax Act, 1961 mandates sellers to collect tax at source (TCS) from buyers...
In order to monitor high-value transactions conducted by taxpayers, a significant regulatory measure...
The Goods and Services Tax (GST), a comprehensive indirect tax system, has been a transformative step...
The Indian Income Tax Act, 1961, governs the taxation of various sources of income in India. One such...
Section 234C of the Income Tax Act, 1961 imposes interest for deferring advance tax payments beyond the...
1. Legal Definition (Section 2(14))
A capital asset means:
Property of any kind held by an assessee...
Section 10(10D) of the Income Tax Act deals with the tax treatment of the sum assured received from a...
Section 55(1)(b) of the Income Tax Act, 1961, defines the cost of improvement for capital assets, which...
Section 80U of the Income Tax Act provides relief to individuals with disabilities by allowing them to...
The Income Tax Act provides multiple exemptions to reduce or eliminate capital gains tax liability if...
Section 80QQB of the Income Tax Act provides a deduction in respect of royalty income earned by authors....
1. Overview
Introduced: Finance Act 2021 (effective from 1st July 2021).
Purpose: Imposes higher Tax...
Section 73A of the Income Tax Act, 1961, governs the treatment of losses incurred in specified businesses under Section...
1. Core Principle (Tax Credit Mechanism)
Shield for Taxpayers: When tax has been duly deducted at source...
Section 49 specifies how the cost of acquisition of a capital asset is determined when it is acquired...
Introduction:
Section 67 of the Central Goods and Services Tax (CGST) Act, 2017, deals with the power...