Section 80JJAA of the Indian Income Tax Act, 1961 provides a valuable deduction for employers who create...
Here’s a detailed breakdown of the valuation of motor car perquisites under Rule 3(2) of the Income Tax...
Applicable to: Indian Resident Individuals (Inventors/Patent Holders)
This section provides tax relief...
Applicable to: Individuals & HUFs
This section provides tax relief for expenses incurred on the care...
Introduced by the Finance Act, 2023, these provisions impose a “Ceasing Tax” on charitable/religious...
Section 17(3) defines “profits in lieu of salary” as payments received by an employee in...
1. Legal Basis
Section 206C(6A)empowers tax authorities to impose penalties under Section 221 on sellers...
When a disaster strikes, it can cause immense damage to life and property. In such difficult times, the...
Purpose:
This section provides a full tax exemption on pension received by government employees (or their...
Under Section 139(4D) of the Income Tax Act, 1961, research institutions engaged in scientific, social,...
Section 56(1) serves as the residual head of income, capturing all taxable income that does not fall...
The commuted value of pension refers to the lump sum amount received by an employee in lieu of a portion...
Section 69D targets hundi transactions (an informal financial instrument) conducted without banking channels,...
Section 80DD of the Income Tax Act in India provides a deduction for individuals or Hindu Undivided Families...
Leave encashment refers to the practice of converting accumulated leave into cash. Many organizations...
Section 72A of the Income Tax Act, 1961, provides exceptional relief for companies undergoing restructuring...
1. Scope of Total Income / Incidence of Tax [Section 5]
Total income of an assessee cannot be computed...
Yes, a tax audit under Section 44AB is compulsory even if the accounts are already audited under:
Other...
Education is an essential aspect of personal and professional growth. However, pursuing higher education...
The introduction of Section 128A in the Central Goods and Services Tax (CGST) Act, 2017, by the Finance...