Section 72 of the Income Tax Act, 1961, governs the carry forward and set-off of business losses, allowing...
Section 194D of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made as insurance...
Understanding of Section 54
When an individual sells a residential house property, they are liable to...
Section 10(10BC) of the Income Tax Act, 1961, provides an exemption for compensation received by an individual...
Under Section 139(3) of the Income Tax Act, 1961, taxpayers can file a Return of Loss to carry forward...
Notification No. 02/2025 [F. No. 275/110/2024-IT(B)] Dated 2nd January, 2025
MINISTRY OF FINANCE
(Department...
Under Section 139(4D) of the Income Tax Act, 1961, research institutions engaged in scientific, social,...
INTRODUCTION-
The Goods and Services Tax (GST) system has revolutionized taxation in India, streamlining...
Gratuity is a payment made by the employer to an employee in appreciation of the past services rendered...
The Goods and Services Tax framework has undergone significant transformations since its implementation...
1. Perquisites [(Section 17(2)]- Income under the head Salaries
Section 17(2) of the Income-tax Act,...
Section 10(1) of the Income Tax Act, 1961, provides a full exemption for agricultural income, meaning...
Section 10(23FE) of the Income Tax Act provides an exemption in respect of certain income of wholly owned...
Section 10(12C) of the Income Tax Act, 1961 provides important tax benefits for individuals enrolled...
Section 54G of the Income Tax Act, 1961, provides tax exemption on capital gains arising from the transfer...
Leave salary, or leave encashment, refers to the payment an employee receives for unused leave days....
1. Legal Provision
Section 206C(4)ensures that the buyer (collectee) receives credit for the TCS amount...
[Section 46A] : Capital Gains on Purchase by Company of its Own Shares or Other Specified Securities
(1) Capital gains tax is an important aspect of the Indian Income Tax Act, 1961. Section 46A of...
Section 194LBA of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on specific income...
1. Overview
Introduced: Finance Act, 2004.
Objective: Ensure tax compliance on income from leases/licenses...