Section 206CC of the Income Tax Act, 1961 mandates a higher Tax Collected at Source (TCS) rate if the...
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
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New...
Certain professionals and government employees receive special allowances that are fully or partially...
The term “actual cost” in the context of asset acquisition plays a pivotal role in income...
Where any person receives at any time during any previous year any money or other assets under an insurance...
Section 10(23BBH) of the Income Tax Act provides a complete tax exemption for the income of Prasar Bharati...
The Tonnage Tax Scheme is a special taxation regime introduced under Chapter XII-G (Sections 115V to...
1. Basic Condition
A taxpayer is liable to pay advance tax if:
Estimated tax liability(after deducting...
Here’s a detailed explanation of the Procedure for Imposing Penalty under Section 274 of the Income Tax...
Section 194J of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made for professional...
Section 16 allows three key deductions from gross salary income before computing taxable salary. These...
1. Key Features of Section 69C
Objective: Targets unexplained expenseswhere the assessee cannot prove...
Section 45(1) of the Income Tax Act, 1961 is the foundational provision that defines how and when capital...
The Income Tax Act, 1961 contains provisions related to search, seizure, survey, and special procedures...
Section 147 empowers the Assessing Officer (AO) to reassess or recompute income that has escaped taxation in...
Tax Treatment of Partly Agricultural and Partly Non-Agricultural Income
Tax Treatment of on Composite...
Section 10(26) of the Income Tax Act provides special provisions for the income of a member of a Scheduled...
To simplify tax compliance and enhance the ease of doing business, the Finance Act has proposed significant...
Applicable to: Salaried (without HRA) & Self-Employed Individuals
This section provides tax relief...
Section 67 of the Central Goods and Services Tax (CGST) Act, 2017 deals with the inspection, search,...