Any profits or gains arising from the transfer of a capital asset effected in the previous year, shall...
Section 285BB of the Income Tax Act, 1961, mandates the Income Tax Department to provide taxpayers with...
The commuted value of pension refers to the lump sum amount received by an employee in lieu of a portion...
Section 80GG of the Income Tax Act allows individuals to claim deductions for the rent paid when they...
Section 10(13A) of the Income Tax Act, 1961 provides an exemption for the House Rent Allowance (HRA) received...
Interest on Non-resident (External) Account (NRE) is exempt from income tax in India under Section 10(4)(ii)...
Section 244A governs the payment of interest on income tax refunds to assessees. Below is a detailed...
Section 10(25A) of the Income Tax Act provides a complete tax exemption for any income of the Employees’...
Purpose:
This section provides a full tax exemption on income earned by scientific research associations that...
Goods and Services Tax (GST) in India is a comprehensive, multi-stage, destination-based tax that is...
1. Section 70: Inter-Source Adjustment – Set Off of Loss from one Source against Income from another...
Notification No. 13/2025 [F. No.370142/9/2024-TPL] Dated 07th February, 2025
MINISTRY OF FINANCE
(Department...
Section 220(2) of the Income Tax Act, 1961, imposes interest @ 1% per month on unpaid tax demands if...
In the context of the Goods and Services Tax (GST), the term “non-supplies” refers to transactions...
Introduction
Agricultural land is a significant asset in India, providing employment to many people and...
Section 194DA of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payouts from life...
1. Legal Basis for TDS Certificates
Section 203of the Income Tax Act, 1961 mandates that every deductor must...
Chapter XIV-B (Sections 158BA, 158BB, 158BE):
Replaces “total income” assessment with “undisclosed...
I start with GST. It has decreased tax incidence on the common man; reduced compliance burden and logistics...
Section 10(25) of the Income Tax Act provides tax exemptions for income earned by various retirement-related...