Section 10(23F) of the Income Tax Act provided a tax exemption for dividends and long-term capital gains...
So far, we have discussed what are the various incomes, allowances and perquisites which are exempt and...
Section 72 of the Income Tax Act, 1961, governs the carry forward and set-off of business losses, allowing...
Notified special allowance is an allowance that has been notified by the Central Government under Section...
Understanding the intricacies of advance tax and self-assessment tax is crucial for both compliance and...
Applicable to: Banks/Financial Institutions operating in IFSCs (e.g., GIFT City)
This section provides 100%...
The Income Tax Bill 2025 will come into effect from April 1, 2026, after it is vetted by a Select Committee...
Purpose:
This section provides a full tax exemption on pension received by government employees (or their...
Section 30 to 35 covers the following expenses Allowed as Deduction while computing Profits and Gains...
(1) Unit Linked Insurance Policies (ULIPs) have gained popularity as a dual investment-cum-insurance...
Every person shall quote his permanent account number in all documents pertaining to the transactions...
1. Applicability of Section 56(2)(ic)
This provision covers any sum of money received by an employer from...
1. Understanding of Section 80-IAC
The Income Tax Act, 1961 provides various deductions for taxpayers...
Notification No. 04/2025 [F. No. 196/1/2023-ITA-I] Dated 3nd January, 2025
MINISTRY OF FINANCE
(Department...
Section 10(23EA) of the Income Tax Act provides a tax exemption for income received by an Investor Protection...
Applicable to: *Individuals aged 60+ years (including NRIs)*
This section provides higher tax relief...
Order No. [F. No. 225/235/2024/ITA-II] Dated 31st January, 2025
MINISTRY OF FINANCE
(Department of Revenue)
Order...
1. Perquisites [(Section 17(2)]-Definition
Section 17(2) of the Income-tax Act, 1961 gives an inclusive...
Section 28 of the Income Tax Act, 1961 defines the incomes chargeable under the head “Profits and...
Term life insurance, also known as pure life insurance, is a type of life insurance that guarantees payment...