Section 10(2A) of the Income Tax Act, 1961 in India exempts a partner’s share in the total income...
When it comes to retirement planning, superannuation funds play a crucial role in providing financial...
Under Section 251 of the Income Tax Act, 1961, the Commissioner of Income Tax (Appeals) [CIT(A)] has wide-ranging...
(1) When an asset is acquired by the government through the process of compulsory acquisition,...
The Indian Income Tax Act, 1961, governs the taxation of various sources of income in India. One such...
Section 25A of the Income Tax Act, 1961, governs the tax treatment of arrears of rent (unpaid rent recovered...
Here’s a detailed explanation of the penalty for failure to furnish the Equalisation Levy (EL)...
The Income Tax Act, 1961 contains provisions related to search, seizure, survey, and special procedures...
Under Section 17(2) of the Income Tax Act, 1961, certain perquisites are taxable only for “specified...
1. Introduction to Section 80CCD
Section 80CCD of the Indian Income Tax Act, 1961, provides for deductions...
1. Set-Off Rules for Current Year Losses
Intra-head adjustment (Section 70):
Business losses can be...
Agricultural income and its tax treatment in India fall under Section 10(1) of the Income Tax Act, 1961....
Purpose:
This section provides a full tax exemption on any scholarship granted to meet educational expenses,...
1. Overview of Section 58
Section 58 specifies expenses that cannot be deducted while computing taxable...
Section 139AA was introduced in the Income Tax Act, 1961, with effect from July 1, 2017, to make it mandatory...
Section 167 of the Finance Act, 2016 (Chapter VIII) governs the furnishing of statements for the Equalisation...
Leave encashment refers to the practice of converting accumulated leave into cash. Many organizations...
Section 194LBB of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on income distributed...
Section 10(37) of the Income Tax Act provides a capital gains exemption for individuals or Hindu Undivided...
1. Scope of Total Income / Incidence of Tax [Section 5]
Total income of an assessee cannot be computed...