GST Audit under Section 65 of the CGST Act, 2017 is conducted by the tax authorities to verify the correctness...
Leave encashment refers to the amount received by an employee in exchange for unused leave balance at...
Charitable and religious trusts or institutions registered under the Income Tax Act, 1961, are generally...
Discover Section 44BBD Presumptive Tax — India’s New Presumptive Tax Scheme for Non-Residents Serving...
1. Legal Definition
Primary Responsibility: The person legally obligated to deduct TCS/TDS under the...
Retirement benefits such as pension, gratuity, provident fund, and leave encashment are taxed differently...
1. Legal Status of Default
Deductor becomes “Assessee in Default”for:
Failure to deduct...
When income is clubbed under Sections 60-65 of the Income Tax Act, it is taxed under the same head as...
Understanding of Section 56(2)(i)
In India, the taxation of dividends is governed by the provisions of...
1. Applicability of Section 56(2)(ic)
This provision covers any sum of money received by an employer from...
Under the Income Tax Act, 1961, the Commissioner of Income Tax (Exemption) [CIT(E)] has the authority...
as per Part “C” of Schedule II of the Companies Act, 2013 after making following assumptions:
The...
Zero-coupon bonds, also known as deep discount bonds, are fixed-income securities that do not pay periodic...
Section 74 of the Income Tax Act, 1961 governs the treatment of capital losses, providing specific rules...
Here’s a detailed breakdown of Section 271AAD of the Income Tax Act, 1961, which imposes penalties for...
1. Legal Requirement
Section 206Amandates specified entities to file statements for payments made to...
Section 54GB of the Income Tax Act, 1961, provides tax exemption on long-term capital gains (LTCG) from...
Section 10(48) of the Income Tax Act provides an exemption in respect of income received by certain foreign...
The Government of India’s Department of Posts, Ministry of Communications, offers fixed deposit accounts...
1. Purpose of Section 115JAA
Allows companies to claim creditfor excess MAT paid (when MAT > normal...