1. Gratuity
Gratuity is a payment made by the employer to an employee in appreciation of the past services...
Section 241A allows the Income Tax Department to withhold refunds in certain cases, even if a taxpayer...
1. Set-Off Rules for Current Year Losses
Intra-head adjustment (Section 70):
Business losses can be...
1. When Does This Apply?
When the taxpayer calculates their own advance tax liability(not based on the...
Circular No. 01/2025 [F. No. 500/05/2020/FT&TR-II] Dated 21st January, 2025
Government of India
Ministry...
Section 10(4F) of the Income Tax Act, 1961 in India provides an exemption for income earned by a non-resident...
Employee Stock Option Plans (ESOPs) are popular mechanisms through which companies attract, retain, and...
Section 194K of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on income distributed...
1. Applicability
Section 56(2)(x) covers:
Cash gifts
Immovable property(land, buildings)
Movable property(jewelry,...
1. Key Features of Section 69
Objective: Targets unexplained investments(e.g., property, gold, shares)...
Key Rule
When an individual converts their self-acquired property into HUF (Joint Family) property, any...
Section 218 of the Income Tax Act, 1961 deals with situations where a taxpayer is considered to be in...
Section 10(6A) of the Income Tax Act, 1961, provides a tax exemption to foreign companies on income earned...
Annual Value is the taxable value assigned to a property for calculating “Income from House Property”....
Section 10(2) of the Income Tax Act, 1961, provides a tax exemption for sums received by a member of...
1. Provisions of Section 79 not to apply In case of Strategic Disinvestment of Public Sector Companies...
1. Overview of Section 58
Section 58 specifies expenses that cannot be deducted while computing taxable...
Section 10(6) of the Income Tax Act, 1961 provides tax exemptions for certain types of remuneration received...
The Finance (No. 2) Bill, 2024, introduces significant amendments to the Central Goods and Services Tax...
Introduction
The Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax...