Section 22 of the Income Tax Act, 1961, defines when and how income from house property becomes taxable.
1....
1. Introduction of Block Assessment Provisions in cases of Search under Section 132 and Requisition under...
Section 230 of the Income Tax Act, 1961 mandates certain individuals to obtain a Tax Clearance Certificate...
Under the Income Tax Act, individuals and Hindu Undivided Families (HUFs) have the option to be taxed...
“Deemed profits” are amounts that aren’t traditional business income, but are still taxed as business...
The commuted value of pension refers to the lump sum amount received by an employee in lieu of a portion...
Section 139AA was introduced in the Income Tax Act, 1961, with effect from July 1, 2017, to make it mandatory...
Section 10(2A) of the Income Tax Act, 1961 in India exempts a partner’s share in the total income...
Purpose:
This section provides a 100% tax exemption to foreign companies on income earned from leasing cruise...
1. Legal Provision
Section 206C (7)mandates that sellers/collectors must pay interest if they:
Fail...
Applicable to: *Resident Individuals with 40%+ Disability*
This section provides fixed tax deductions to...
1. Clarification in respect of Disallowance under Section 14A in absence of any Exempt Income during...
Leave encashment refers to the practice of converting accumulated leave into cash. Many organizations...
Permanent Account Number (PAN) is a unique ten-digit alphanumeric code issued by the Income Tax Department...
Section 285BA of the Income Tax Act, 1961, mandates specified entities to report high-value financial...
1. Dividend Declaration vs. Retained Earnings
Dividends:
Taxable in shareholders’ hands (10%...
Section 71B of the Income Tax Act, 1961, governs the carry forward and set-off of losses from house property,...
As already discussed, motor car/other vehicles, provided by the employer, is a perquisite only for specified...
Any expenditure (not being expenditure of the nature described in sections 30 to 36) and not of capital...
Section 139(1) of the Income Tax Act, 1961, lays down the rules for who must file an Income Tax Return...