The provisions, which are being discussed under various sub-sections of section 40A have overriding effect ...
The Budget Speech for 2025-26 by Finance Minister Nirmala Sitharaman, presented in Parliament, outlines...
Section 142 empowers the Assessing Officer (AO) to conduct a preliminary inquiry before finalizing an...
1. Agricultural Income [Section 10(1)]
As per Section 10(1) of the Income Tax Act, agricultural income...
The following Essential & Basic Rules have to be kept in mind while calculating Deductions under...
The Finance Bill 2025, presented by Finance Minister Nirmala Sitharaman as part of the Union Budget 2025-26,...
Section 80G of the Income Tax Act, 1961 provides provisions for claiming deductions on donations made...
1. Source of the funds or any other sum provided by the lender to the borrower and credited in hooks...
1. Rationalization of provisions of TDS on sale of immovable property [Section 194-IA amended w.e.f....
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
******
New...
Tax on Non-Agricultural Income with partial Agricultural Income
As already discussed, there is no tax...
1. Applicability of Section 56(2)(ic)
This provision covers any sum of money received by an employer from...
Under the Goods and Services Tax (GST) regime in India, certain banking-related services are either exempt...
Section 50C of the Indian Income Tax Act, 1961, is applicable to the computation of capital gains in...
Section 10(24) of the Income Tax Act provides a tax exemption for certain types of income earned by registered...
Where any person receives at any time during any previous year any money or other assets under an insurance...
Under the Income Tax Act, 1961, certain expenses are expressly disallowed while computing taxable income...
1. Overview
Applicability: Mandates sellersto collect Tax at Source (TCS) on receipt of sale consideration from...
The Goods and Services Tax framework has undergone significant transformations since its implementation...
The Goods and Services Tax (GST), a comprehensive indirect tax system, has been a transformative step...