Section 49 specifies how the cost of acquisition of a capital asset is determined when it is acquired...
1. Applicability of Section 56(2)(ic)
This provision covers any sum of money received by an employer from...
1. General Rule for All Non-Company Entities [Section 6(2)]
The residential status of Firms, AOPs, BOIs,...
Here we describe all the Provisions towards Calculation of Tax on Short-term Capital Gains under Section...
Section 234A(4) of the Income Tax Act, 1961, deals with the adjustment of interest when there is a subsequent revision,...
1. Legal Basis
Proviso to Section 206C(3): Requires sellers/collectorsto submit a statement of TCS collected...
To promote digital transactions, the Income Tax Act mandates certain businesses to compulsorily accept...
Section 194M of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on certain payments made...
Section 139(1) of the Income Tax Act, 1961, lays down the rules for who must file an Income Tax Return...
Understanding the intricacies of advance tax and self-assessment tax is crucial for both compliance and...
Section 10(23BB) of the Income Tax Act provides a tax exemption for the income of a Khadi and Village...
Section 220(2) of the Income Tax Act, 1961, imposes interest @ 1% per month on unpaid tax demands if...
1. Source of the funds or any other sum provided by the lender to the borrower and credited in hooks...
Section 55(2) – Cost of Acquisition of Capital Asset for Computing Capital Gain
Cost of acquisition...
1. Enabling the Commissioner (Appeals) to levy Penalty under Section 271AAB. 271AAC and 271AAD of the...
Notwithstanding anything contained in sections 30 to 38, the following amounts shall not be deducted...
Special Economic Zones (SEZs) have emerged as key drivers of economic growth and development in many...
While the income from other sources is taxable, there are certain amounts that are not deductible while...
Section 115JB(2) mandates that the Statement of Profit & Loss (P&L) for MAT computation must...
1. Overview
Section 115BA provides a concessional tax rate of 22% (plus surcharge & cess) for new...