Allowances form a significant part of salary income and are classified into three categories for tax...
1. Set-Off Rules for Current Year Losses
Intra-head adjustment (Section 70):
Business losses can be...
Section 234D of the Income Tax Act, 1961, mandates that taxpayers repay excess refunds received during...
Understanding Section 71: Inter-Head Adjustment
Section 71 of the Income Tax Act, 1961 allows taxpayers...
Purpose:
This section provides a full tax exemption on pension received by government employees (or their...
Section 234C of the Income Tax Act, 1961, pertains to the levy of interest for deferment of advance tax....
Section 49 specifies how the cost of acquisition of a capital asset is determined when it is acquired...
Section 194EE of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on withdrawals from...
Section 10(23AAA) of the Income Tax Act provides an exemption for income received by any person on behalf...
Understanding of Section 80D
Section 80D of the Income Tax Act provides individuals with a deduction...
Section 245MA of the Income Tax Act, 1961, introduces a faceless dispute resolution mechanism for small...
Section 194BB of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on winnings from horse...
Confused Between Assessment Year Vs Previous Year? Learn The Difference With Simple Examples, Plus How...
Section 80QQB of the Income Tax Act provides a deduction in respect of royalty income earned by authors....
Section 10(23BBE) of the Income Tax Act provides a complete tax exemption for the income of the Insurance...
The registration of a charitable or religious trust under Sections 12A/12AA/12AB of the Income Tax Act,...
To simplify tax compliance and enhance the ease of doing business, the Finance Act has proposed significant...
1. Legal Basis and Purpose
Section 203Amandates obtaining a 10-digit alphanumeric TAN for entities deducting/collecting...
Amendment of section 7.
151. In the Union Territory Goods and Services Tax Act, 2017 (14 of 2017.) (hereinafter...
Section 218 of the Income Tax Act, 1961 deals with situations where a taxpayer is considered to be in...