What are the Deemed Profits and how they chargeable to Tax as Business Income
1. Recovery against any...
1. Legal Provision
Section 206C(6)imposes penalties on sellers/collectors who fail to collect Tax Collected...
Here’s a detailed breakdown of the tax rates on long-term capital gains (LTCG) for assets not covered...
1. Fundamental Principle
TDS Credit Mechanism: Any tax deducted at source (TDS) is treated as:
Payment...
Section 10(5) of the Income Tax Act allows for certain tax exemptions on travel expenses provided by...
Applicable to: Developers of Affordable Housing Projects
This section provides a 100% tax exemption on...
Every person shall quote his permanent account number in all documents pertaining to the transactions...
Section 10(12B) of the Income Tax Act, 1961 provides tax exemptions on partial withdrawals from the National...
Section 74A of the Income Tax Act, 1961, provides specific rules for the treatment of losses incurred...
Notification No. 05/2025 [F. No. 300196/37/2019-ITA-I] Dated 3nd January, 2025
MINISTRY OF FINANCE
(Department...
Understanding Section 10(7)
Section 10(7) provides a complete tax exemption for:
Allowances
Perquisites
paid outside...
When income is clubbed under Sections 60-65 of the Income Tax Act, it is taxed under the same head as...
Section 10(23FC) of the Income Tax Act provides a tax exemption for specific types of income earned by...
The term “actual cost” in the context of asset acquisition plays a pivotal role in income...
Section 10(23BBA) of the Income Tax Act provides a tax exemption for the income of any body or authority...
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
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New...
Circular No. 07/2024 [F. No.173/25/2024-ITA-I] Dated 25th April, 2024: A Detailed Analysis
The Central...
Under Section 54G, the Exemption is available to all categories of assessees in respect of Capital Gain...
The Budget Speech for 2025-26 by Finance Minister Nirmala Sitharaman, presented in Parliament, outlines...
Here’s a detailed breakdown of fully taxable allowances for the computation of salary income in India,...