Section 132 of the Income Tax Act, 1961, empowers the Income Tax Department to conduct search and seizure...
1. Scope of Total Income / Incidence of Tax [Section 5]
Total income of an assessee cannot be computed...
House Rent Allowance (HRA) is a common component of most employees’ salary packages. It is provided...
1. Overview
Under Section 210(1) of the Income Tax Act, 1961, taxpayers liable for advance tax must voluntarily...
Income tax laws can be complex and confusing, especially when it comes to understanding the various exemptions...
Section 194-IB of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on rent payments exceeding ₹50,000/month by individuals...
Under the Income Tax Act, there are certain provisions that govern the taxation of income earned by minors....
Under Section 139C of the Income Tax Act, 1961, the Central Board of Direct Taxes (CBDT) has the authority...
Section 49 specifies how the cost of acquisition of a capital asset is determined when it is acquired...
1. Basic Rule for HUF Residency
A HUF is Resident in India if:
“Control and management of its affairs...
The Income Tax Act contains provisions to prevent tax avoidance by transferring income to other persons...
Section 154 of the Income Tax Act, 1961, allows the Assessing Officer (AO), Commissioner (Appeals), or...
Death-cum-Retirement Gratuity is an important financial benefit provided to employees in India. It is...
Applicable to: Individual taxpayers buying their first home
This section provides an additional tax benefit for...
Chapter VI-A of the Income Tax Act, 1961, provides various deductions from Gross Total Income (GTI) to...
Section 80RRB of the Income Tax Act, 1961, provides for a deduction in respect of royalty income received...
The Public Provident Fund (PPF) scheme is a very popular long-term savings scheme in India because of...
Section 194LBC of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on income distributed...
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
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This article delves into the legal framework surrounding cash seizure, the grounds on which authorities...