Section 234F of the Income Tax Act, 1961 imposes a late filing fee if an assessee fails to file their...
The treatment of vouchers under GST has been a subject of debate due to their unique nature. This article...
Rule 12 of the Income Tax Rules, 1962, prescribes the forms, conditions, and procedures for filing income...
Section 142 empowers the Assessing Officer (AO) to conduct a preliminary inquiry before finalizing an...
1. Importance of Residential Status
Residential status determines:
Which incomes are taxable in India...
Overview of STCG under Section 111A
Short-term capital gains (STCG) arising from the transfer of equity...
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...
Indian Strategic Petroleum Reserves Limited (ISPRL) plays a crucial role in ensuring the energy security...
Section 10(4B) of the Income Tax Act, 1961 in India provides an exemption for interest income earned...
Order No. [F. No. 225/235/2024/ITA-II] Dated 31st January, 2025
MINISTRY OF FINANCE
(Department of Revenue)
Order...
The Goods and Services Tax (GST) Act is a comprehensive legislation that governs the taxation of goods...
So far, we have discussed what are the various incomes, allowances and perquisites which are exempt and...
Investment planning is an essential aspect of financial management, especially for middle-class families....
Amendment of section 5.
147. In the Integrated Goods and Services Tax Act, 2017 (13 of 2017.) (hereinafter...
1. Legal Provision
Section 206C(6)imposes penalties on sellers/collectors who fail to collect Tax Collected...
Chapter VI-A of the Income Tax Act, 1961, provides various deductions from Gross Total Income (GTI) to...
Under Section 48 of the Income Tax Act, 1961, certain expenses incurred during the transfer of a capital...
Section 10(23AAB) of the Income Tax Act provides an exemption for income of a pension fund set up by:
Life...
1. Perquisites [(Section 17(2)]- Income under the head Salaries
Section 17(2) of the Income-tax Act,...
Section 10(23FBC) of the Income Tax Act provides a tax exemption for income earned by a unit holder from...