Section 10(12B) of the Income Tax Act, 1961 provides tax exemptions on partial withdrawals from the National...
Section 10(23AA) of the Income Tax Act provides an exemption for income received by any person on behalf...
Section 64 of the Income Tax Act, 1961, mandates the clubbing of certain incomes earned by family members...
Here’s a structured table summarizing the extension of time limits for filing Updated Tax Returns (ITR-U)...
Leave salary, or leave encashment, refers to the payment an employee receives for unused leave days....
Section 10(12C) of the Income Tax Act, 1961 provides important tax benefits for individuals enrolled...
Understanding of Section 80P
Section 80P of the Income Tax Act, 1961 provides a deduction in respect...
Any expenditure (not being expenditure of the nature described in sections 30 to 36) and not of capital...
Section 25 of the Income Tax Act lays down a specific disallowance: certain types of interest payments...
Purpose:
This section provides a full tax exemption on any scholarship granted to meet educational expenses,...
Section 164(2) of the Income Tax Act, 1961, deals with the taxation of discretionary trusts, including charitable...
1. Scope of Total Income / Incidence of Tax [Section 5]
Total income of an assessee cannot be computed...
The Income Tax Appellate Tribunal (ITAT) derives its adjudicatory powers from Section 254 of the Income...
1. Legal Provision
Section 206C (7)mandates that sellers/collectors must pay interest if they:
Fail...
Capital assets are classified into different categories under the Income Tax Act, 1961, each with unique...
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi,...
For income to be taxed under the head “Income from House Property” (Sections 22-27 of the...
Section 194K of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on income distributed...
Under the Income Tax Act, brought forward losses must be set off against eligible income in the immediately...
Applicable to: Individuals & HUFs (for self or dependent relatives)
This section provides tax relief...