Section 250 of the Income Tax Act, 1961 governs the procedure followed by the Commissioner of Income...
The Tonnage Tax Scheme is a special taxation regime introduced under Chapter XII-G (Sections 115V to...
Here’s a detailed analysis of the taxability of forfeited advance money for transfer of capital assets...
Retirement planning is crucial for employees to ensure financial security post-retirement while minimizing...
Section 80JJAA of the Indian Income Tax Act, 1961 provides a valuable deduction for employers who create...
Section 80TTA of the Income Tax Act, 1961 provides for a deduction in respect of interest on deposits...
Under the Income Tax Act, 1961, rent-free or concessional accommodation provided by an employer is a taxable...
Section 140 of the Income Tax Act, 1961 specifies who must verify the return of income and the authorized...
Section 10(6B) of the Income Tax Act, 1961, provides a tax exemption to non-residents (including foreign...
The Faceless Appeal Scheme, 2021, introduced via Notification No. 139/2021 dated 28th December 2021,...
1. Definition of ‘Transfer’ [Section 2(47)]
A transfer includes:
Sale, exchange, or relinquishment
Compulsory...
A recognized provident fund is a retirement savings scheme that is approved by the government. It is...
Section 73 of the Income Tax Act, 1961, governs the treatment of speculation business losses, imposing...
Here’s a detailed explanation of tax relief under Section 89(1) read with Rule 21A of the Income Tax...
1. Purpose of Section 115JAA
Allows companies to claim creditfor excess MAT paid (when MAT > normal...
Under Section 139(4D) of the Income Tax Act, 1961, research institutions engaged in scientific, social,...
Section 194G of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on commission or remuneration...
Section 63 defines what constitutes a revocable transfer for the purposes of Section 61. It clarifies...
Section 10(2) of the Income Tax Act, 1961, provides a tax exemption for sums received by a member of...
Notification No. 03/2025 [F. No. 275/109/2024-IT(B)] Dated 2nd January, 2025
MINISTRY OF FINANCE
(Department...