Section 10(12B) of the Income Tax Act, 1961 provides tax exemptions on partial withdrawals from the National...
Section 219 of the Income Tax Act, 1961 governs how advance tax payments are credited against a taxpayer’s...
Here’s a detailed analysis of Section 273B of the Income Tax Act, 1961, which provides immunity from...
Here’s a comprehensive analysis of Section 56(2)(viib) of the Income Tax Act, 1961, which taxes share...
(1) Introduction to Section-71 (Inter-Head Adjustment)
Under the Indian Income Tax Act, 1961, taxpayers...
Section 10(4) of the Income Tax Act, 1961 in India provides an exemption for certain types of interest...
TDS on Salary (Section 192) and TDS on Provident Fund (Section 192A) are provisions under the Income...
Section 115F of the Income Tax Act, 1961, provides a tax exemption to Non-Resident Indians (NRIs) on long-term...
Section 43B of the Income Tax Act, 1961 is a crucial provision that disallows certain expenses unless...
Here’s a detailed breakdown of the tax rates on long-term capital gains (LTCG) for assets not covered...
Certain professionals and government employees receive special allowances that are fully or partially...
1. Applicability
Section 56(2)(ii) covers rental income from:
Machinery
Plant(equipment, tools, vehicles)
Furniture
when not...
1. Legal Provision
Section 206C (7)mandates that sellers/collectors must pay interest if they:
Fail...
Under the Income Tax Act, 1961, rent-free or concessional accommodation provided by an employer is a taxable...
Section 10(23AAA) of the Income Tax Act provides an exemption for income received by any person on behalf...
Here’s a structured summary of the key amendments related to deduction on remuneration paid to partners introduced...
The Supreme Court of India’s decision in the case of Chief Commissioner of Central Goods and Services...
When income is clubbed under Sections 60-65 of the Income Tax Act, it is taxed under the same head as...
The Income Tax Act, 1961 governs the taxation of companies in India, outlining rules for computation,...
1. Purpose of Section 115JAA
Allows companies to claim creditfor excess MAT paid (when MAT > normal...