Section 115BAC of the Income Tax Act, 1961, introduces a simplified tax regime with lower slab rates...
Section 22 of the Income Tax Act, 1961, defines when and how income from house property becomes taxable.
1....
Section 54B of the Income Tax Act, 1961, provides a tax exemption on capital gains arising from the transfer...
Here’s a detailed analysis of Section 275 of the Income Tax Act, 1961, which governs the time limits...
Here’s a detailed explanation of Penalty under Section 271AAC of the Income Tax Act, 1961, which applies...
Section 10(13A) of the Income Tax Act, 1961 provides an exemption for the House Rent Allowance (HRA) received...
Section 16 allows three key deductions from gross salary income before computing taxable salary. These...
1. Purpose of Section 115JAA
Allows companies to claim creditfor excess MAT paid (when MAT > normal...
Section 140 of the Income Tax Act, 1961 specifies who must verify the return of income and the authorized...
1. Applicability
Section 56(2)(ib) covers casual and non-recurring income from:
Lotteries(including...
The Tonnage Tax Scheme is a special taxation regime introduced under Chapter XII-G (Sections 115V to...
Finance Bill 2025 Relaxes Deemed Let-Out Property Rule. Now Own 2 Self-Occupied Homes Tax-Free Without...
Interest income is one of the common sources of income for individuals and businesses alike. When it...
In the following Cases, Instances of Agricultural and Non-Agricultural Incomes are described in details...
Under the Income Tax Act, there are certain provisions that govern the taxation of income earned by minors....
Section 234B(1) of the Income Tax Act, 1961, imposes interest if an assessee either:
Fails to pay advance...
Section 10(37) of the Income Tax Act, 1961 provides for the exemption of capital gains on compensation...
(1) Introduction to Section-72
Section 72, which deals with the carry forward and set off of business...
Section 218 of the Income Tax Act, 1961 deals with situations where a taxpayer is considered to be in...
Purpose:
This section provides full tax exemption on certain allowances received by:
Members of Parliament...