Notification No. 02/2025 [F. No. 275/110/2024-IT(B)] Dated 2nd January, 2025
MINISTRY OF FINANCE
(Department...
1. Perquisites [(Section 17(2)]-Definition
Section 17(2) of the Income-tax Act, 1961 gives an inclusive...
1. Basic Concept of HUF
An HUF (Hindu Undivided Family) is a separate legal entity for tax purposes,...
Applicable to: First-time homebuyers of affordable housing
This section provides an enhanced tax benefit for...
Section 54GA of the Income Tax Act, 1961, provides tax exemption on capital gains when a business relocates...
Section 10(23FC) of the Income Tax Act provides a tax exemption for specific types of income earned by...
Section 142A of the Income Tax Act, 1961 empowers the Assessing Officer (AO) to refer matters of asset...
1. Importance of Residential Status
Residential status determines:
Which incomes are taxable in India...
In the realm of tax enforcement, the power of inspection, search, and seizure plays a pivotal role in...
Income under the head ‘Income from House Property’ under Section 22 to 27 has been described with practical...
Section 10(10A) of the Income Tax Act in India relates to the tax treatment of payments made in commutation...
Section 10(10B) of the Income Tax Act in India provides an exemption for compensation received by employees...
A Notified Institution refers to any entity or body corporate established by the Central Government or...
1. Allowances- Income under the head Salaries
Allowance is a fixed monetary amount paid by the employer...
Applicable to: Indian Resident Individuals (Inventors/Patent Holders)
This section provides tax relief...
Section 264B of the Income Tax Act, 1961, pertains to the faceless effect of orders passed under the...
Under Explanation 1(iii) to Section 115JB(2), companies can deduct the lower of:
Brought forward losses(as...
Applicable to: Individuals
This section allows a deduction for contributions made to approved pension...
Section 194B of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on winnings from games...
Here’s a detailed breakdown of the valuation of motor car perquisites under Rule 3(2) of the Income Tax...