Under the Income Tax Act, 1961, the following business/profession expenses are expressly allowed as deductions...
Section 143(3) deals with the scrutiny assessment process in Indian income tax law. This assessment is...
Section 9A (Investment Fund Participation Rules):
Indirect investments by Indian residents in offshore...
Purpose:
This section provides full tax exemption on certain allowances received by:
Members of Parliament...
Section 10(10A) of the Income Tax Act in India relates to the tax treatment of payments made in commutation...
Trade unions play a crucial role in protecting the rights and interests of workers. They negotiate with...
Being a Member of Parliament (MP) or a Member of Legislative Assembly (MLA) is a position of great responsibility....
Section 156 of the Income Tax Act, 1961, governs the issuance of demand notices by the Assessing Officer...
Section 56(2)(viib) of the Income Tax Act, 1961, is a provision that pertains to closely-held companies...
Section 10(10AA) of the Income Tax Act, 1961 provides important tax exemptions for leave encashment (also...
(1) When a company goes into liquidation, it is important to understand the implications it can...
1. Overview
When a taxpayer fails to pay advance tax voluntarily, the Assessing Officer (AO) can issue...
The Income Tax Act, 1961, provides a special procedure for assessments in search cases to ensure thorough...
1. Purpose of Rule 6G
Prescribes the forms and mannerfor submitting tax audit reports
Mandates the format...
Section 68 is a critical anti-evasion provision that targets unexplained sums credited in a taxpayer’s...
Retirement planning is crucial for employees to ensure financial security post-retirement while minimizing...
Section 10(23FBC) of the Income Tax Act provides a tax exemption for income earned by a unit holder from...
Under Section 48 of the Income Tax Act, 1961, certain expenses incurred during the transfer of a capital...
Retrenchment compensation received by an employee due to termination of employment is partially exempt from...
1. Legal Provision
Section 206C(6)imposes penalties on sellers/collectors who fail to collect Tax Collected...