Pensions are fixed sums of money that individuals receive at regular intervals after retirement. They...
Assessment of Charitable Organizations When Commercial Receipts Exceed 20% Threshold [Section 13(8)]
1. Key Provision (Section 13(8))
Introduced by Finance Act 2022(Effective AY 2023-24)
Applies whena...
(A) Valuation of Perquisites: Sweeper, Gardener, Watchman, or Personal Attendant [Rule 3(3)]
Under Rule...
Section 10(37) of the Income Tax Act provides a capital gains exemption for individuals or Hindu Undivided...
Under the Goods and Services Tax (GST) regime in India, certain banking-related services are either exempt...
Here’s a detailed explanation of Section 269SS of the Income Tax Act, 1961, which governs the mode of...
Section 132 of the Income Tax Act, 1961, empowers the Income Tax Department to conduct search and seizure...
The taxpayer has to communicate the details of his taxable income/loss to the Income tax Department.
These...
1. Scope of Total Income / Incidence of Tax [Section 5]
Total income of an assessee cannot be computed...
INTRODUCTION-
In the realm of Goods and Services Tax (GST), credit and Debit notes play a pivotal role...
Any profits or gains arising from the transfer of a capital asset effected in the previous year, shall...
Introduction:
Section 67 of the Central Goods and Services Tax (CGST) Act, 2017, deals with the power...
Section 234E of the Income Tax Act, 1961, imposes a late filing fee for delays in submitting TDS (Tax...
Section 293D empowers the Central Government to implement a faceless (digital) scheme for granting approvals...
Section 54H of the Income Tax Act, 1961, provides an extension of the reinvestment period for claiming...
Section 10(13A) of the Income Tax Act, 1961 provides an exemption for the House Rent Allowance (HRA) received...
What is PAN?
Permanent Account Number (PAN) is a unique ten-digit alphanumeric identifier issued by...
1. Importance of Residential Status
Residential status determines:
Which incomes are taxable in India...
The Inverted Duty Structure (IDS) under the Goods and Services Tax (GST) regime is a situation where...
Note:
(a) “Basic Excise Duty” means the excise duty set forth in the Fourth Schedule to the...