Section 79 of the Income Tax Act, 1961, imposes strict restrictions on the carry-forward and set-off...
When a disaster strikes, it can cause immense damage to life and property. In such difficult times, the...
Purpose:
This section provides a tax exemption on payments made by an Indian company to a foreign entity...
Section 10(23AAA) of the Income Tax Act provides an exemption for income received by any person on behalf...
Applicable to: Developers of Affordable Housing Projects
This section provides a 100% tax exemption on...
Here’s a detailed explanation of Penalty under Section 271H of the Income Tax Act, 1961, which applies...
Understanding Section 10(10)
Section 10(10) provides tax exemption on gratuity payments received by employees....
Under the Income Tax Act, there are certain provisions that govern the taxation of income earned by minors....
A. Basic Conditions for Section 11 (Income from Property Held for Charitable/Religious Purposes)
Registration...
Understanding Section 10(10A)
Section 10(10A) provides tax exemption for commuted pension amounts received...
Section 10(23BBD) of the Income Tax Act provides a tax exemption for the income of the ASOSAI-SECRETARIAT—that...
Section 43B- Deductions Allowed only on Actual Payment -Profits and Gains of Business and Profession
Under Section 43B, some of the Expenses are allowed and can be claimed by the Assessee only in the year...
Section 139AA was introduced in the Income Tax Act, 1961, with effect from July 1, 2017, to make it mandatory...
Under Section 251 of the Income Tax Act, 1961, the Commissioner of Income Tax (Appeals) [CIT(A)] has wide-ranging...
The Equalisation Levy in India, governed by Chapter VIII of the Finance Act, 2016, imposes a tax on certain...
Under Section 17(2) of the Income Tax Act, 1961, certain perquisites are taxable for all employees, regardless...
1. Overview
Introduced: Finance Act 2021 (effective from 1st July 2021) .
Purpose: Encourage tax compliance...
The tax treatment of interest, premium, or bonus on specified investments is governed by Section 10(15)...
Section 74A of the Income Tax Act, 1961, provides specific rules for the treatment of losses incurred...
Section 201(1A) of the Income Tax Act, 1961, imposes interest on a deductor (employer, company, etc.)...