Understanding Section 71: Inter-Head Adjustment
Section 71 of the Income Tax Act, 1961 allows taxpayers...
Introduction-
The CBIC vide Notification No. 04/2024 – Central Tax dated January 05, 2024, notified the...
Section 10(4D) of the Income Tax Act, 1961 in India provides an exemption for certain income earned by...
Pensions are fixed sums of money that individuals receive at regular intervals after retirement. They...
Yes, a tax audit under Section 44AB is compulsory even if the accounts are already audited under:
Other...
Under the Income Tax Act, 1961, certain expenses are expressly disallowed while computing taxable income...
Under Section 139(3) of the Income Tax Act, 1961, taxpayers can file a Return of Loss to carry forward...
1. Overview
Introduced: Finance Act 2021 (effective from 1st July 2021).
Purpose: Imposes higher Tax...
Section 168 of the Finance Act, 2016 (Chapter VIII) governs the processing of statements furnished under...
Section 65 clarifies the tax liability of the transferee (recipient of income/assets) when income is...
Applicable to: Individuals, HUFs, Firms, AOPs, BOIs, and others (except companies)
This section provides...
To simplify tax compliance and enhance the ease of doing business, the Finance Act has proposed significant...
1. Clarification in respect of Disallowance under Section 14A in absence of any Exempt Income during...
Introduction
In the world of business and finance, it is not uncommon for companies to convert their...
When a disaster strikes, it can cause immense damage to life and property. In such difficult times, the...
1. Introduction to Section 70 –
The Indian Income Tax Act, 1961, provides various provisions for...
Under Section 139(4C) of the Income Tax Act, 1961, specific categories of non-profit entities must file...
Section 74A of the Income Tax Act, 1961, provides specific rules for the treatment of losses incurred...
In the intricate landscape of Goods and Services Tax (GST), the concepts of zero-rated supply and export...
The Income Tax Act, 1961 governs the taxation of companies in India, outlining rules for computation,...