Introduction
Section 54B of the Income Tax Act, 1961, provides an exemption on capital gains arising...
Finance Bill 2025 Extends ITR-U Filing To 4 Years With 25%-70% Additional Tax. Learn Deadlines, Eligibility,...
Applicable to: Individual authors/researchers (Indian residents)
This section provides tax relief on royalty...
Under the Goods and Services Tax (GST) regime, Goods Transport Agency (GTA) and EWAY BILL are critical...
Section 10(23FE) of the Income Tax Act provides an exemption in respect of certain income of wholly owned...
There are many incomes which are taxable under the head ‘Income from Other Sources’. However, section...
Under Section 239 of the Income Tax Act, 1961, and related provisions, here are the key details regarding...
Sovereign Gold Bonds (SGBs) are government securities denominated in grams of gold. They are substitutes...
1. Legal Provision
Section 206C(6)imposes penalties on sellers/collectors who fail to collect Tax Collected...
Section 115BAB of the Income Tax Act, 1961 provides a concessional tax rate of 15% (plus surcharge &...
Understanding Section 71: Inter-Head Adjustment
Section 71 of the Income Tax Act, 1961 allows taxpayers...
1. Legal Basis and Purpose
Section 203Amandates obtaining a 10-digit alphanumeric TAN for entities deducting/collecting...
1. Legal Status of Default
Deductor becomes “Assessee in Default”for:
Failure to deduct...
1. Key Features of Section 69A
Objective: Targets unexplained money, jewellery, or assetsfound in possession...
Notification No. 07/2025 [F. No. 203/20/2024/ITA-II] Dated 14th January, 2025
MINISTRY OF FINANCE
(Department...
1. Who is Exempt?
Resident Individuals aged 60 years or above(Senior Citizens).
Condition: Must not...
1. Understanding of Section 80-IBA
Section 80-IBA of the Income Tax Act, 1961, provides a deduction...
Chapter VI-A of the Income Tax Act, 1961, provides various deductions from Gross Total Income (GTI) to...
The Income Tax Act provides multiple exemptions to reduce or eliminate capital gains tax liability if...
Applicable to: All taxpayers (Individuals, HUFs, Firms, etc.)
This section provides 100% deduction for...