Section 234A(3) of the Income Tax Act, 1961, deals with interest payable when an assessee fails to file...
1. Who is Exempt?
Resident Individuals aged 60 years or above(Senior Citizens).
Condition: Must not...
The Budget 2025 has introduced enhanced threshold limits for TDS, ensuring that smaller transactions...
Here’s a detailed explanation of the taxability of dividends under Section 56(2)(i) as “Income...
The Income Tax Act provides multiple exemptions to reduce or eliminate capital gains tax liability if...
1. Core Rule (Strict Liability)
No PAN = Higher TDS/TCS:
TDS rate: 20%(instead of normal rate)
TCS...
In the era of GST, the removal of check posts nationwide aimed to streamline the movement of goods within...
There are many incomes which are taxable under the head ‘Income from Other Sources’. However, section...
Gratuity is a lump-sum payment made by an employer to an employee as a token of appreciation for long-term...
Under the Income Tax Act, 1961, the following business/profession expenses are expressly allowed as deductions...
Applicable to: Developers of Affordable Housing Projects
This section provides a 100% tax exemption on...
1. Legal Definitions
A. “Seller” (Section 206C(1))
Who is a Seller?
Any person/entity(individual,...
Section 10(14) provides exemptions for certain special allowances granted to employees for specific purposes....
Introduction
In the world of business and finance, it is not uncommon for companies to convert their...
S.O. 614(E).-In exercise of the powers conferred by sub-section (2) of section 168 of Finance Act, 2016...
Section 293D empowers the Central Government to implement a faceless (digital) scheme for granting approvals...
In the realm of tax enforcement, the power of inspection, search, and seizure plays a pivotal role in...
Section 234B(3) deals with the recalculation of interest under Section 234B when the assessed tax is...
Section 10(4B) of the Income Tax Act, 1961 in India provides an exemption for interest income earned...
Section 28 of the Income Tax Act, 1961 defines the incomes chargeable under the head “Profits and...