Here’s a detailed breakdown of Section 271AAD of the Income Tax Act, 1961, which imposes penalties for...
Section 234E of the Income Tax Act, 1961, imposes a late filing fee for delays in submitting TDS (Tax...
Section 68 is a critical anti-evasion provision that targets unexplained sums credited in a taxpayer’s...
1. Core Rule (Strict Liability)
No PAN = Higher TDS/TCS:
TDS rate: 20%(instead of normal rate)
TCS...
The Income Tax Act, 1961, includes specific provisions to protect the interests of Micro, Small, and...
Here’s a structured table summarizing the key changes to Tax Collected at Source (TCS) effective from...
The following Essential & Basic Rules have to be kept in mind while calculating Deductions under...
The Income Tax Act, 1961 contains provisions related to search, seizure, survey, and special procedures...
Section 151A empowers the Central Government to implement a faceless, technology-driven scheme for reassessing...
Under the Income Tax Act, 1961, rent-free or concessional accommodation provided by an employer is a taxable...
Under Explanation 1(iii) to Section 115JB(2), companies can deduct the lower of:
Brought forward losses(as...
The Government of India has introduced a new Amnesty Scheme under GST, notified via Notification No. 17/2024 –...
1. Enabling the Commissioner (Appeals) to levy Penalty under Section 271AAB. 271AAC and 271AAD of the...
Section 10(23AAB) of the Income Tax Act provides an exemption for income of a pension fund set up by:
Life...
Understanding Section 10(8B)
Section 10(8B) provides tax exemption for income received by:
Foreign employees
Foreign...
Section 153 prescribes strict deadlines for completing assessments, reassessments, and recomputations under...
Notified special allowance is an allowance that has been notified by the Central Government under Section...
Notification No. 06/2025 [F. No. 275/108/2024-IT(B)] Dated 6th January, 2025
MINISTRY OF FINANCE
(Department...
1. Legal Definition
Primary Responsibility: The person legally obligated to deduct TCS/TDS under the...
Explanation (iv) to Section 48 of the Income Tax Act, 1961, governs the indexation of improvement costs for...