Chapter VI-A of the Income Tax Act, 1961, provides various deductions from Gross Total Income (GTI) to...
Here’s a detailed explanation of Section 173 (Penalty Not to Be Imposed in Certain Cases) under the Equalisation...
Section 10(23AAB) of the Income Tax Act provides an exemption for income of a pension fund set up by:
Life...
Section 16 allows three key deductions from gross salary income before computing taxable salary. These...
Here’s a detailed explanation of Section 40(a)(ib) of the Income Tax Act, 1961, which deals with...
Here’s a detailed breakdown of fully taxable allowances for the computation of salary income in India,...
1. Overview of Section 58
Section 58 specifies expenses that cannot be deducted while computing taxable...
Section 10(23EC) of the Income Tax Act provides a tax exemption for income received by an Investor Protection...
1. Section 80-IAC: Deduction in respect of Eligible Business or Eligible Start Up
Understanding of Section...
1. Applicability of Section 56(2)(ic)
This provision covers any sum of money received by an employer from...
1. Understanding of Section 80-IBA
Section 80-IBA of the Income Tax Act, 1961, provides a deduction...
1. Perquisites [(Section 17(2)]-Definition
Section 17(2) of the Income-tax Act, 1961 gives an inclusive...
1. Investment in Sukanya Samriddhi Yojana for Tax Saving for AY 2022-23 & 2023-24
Sukanya Samriddhi...
The registration of a charitable or religious trust under Sections 12A/12AA/12AB of the Income Tax Act,...
Section 10(13A) of the Income Tax Act, 1961 provides an exemption for the House Rent Allowance (HRA) received...
1. Rationalization of provisions of TDS on sale of immovable property [Section 194-IA amended w.e.f....
Section 194M of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on certain payments made...
When a disaster strikes, it can cause immense damage to life and property. In such difficult times, the...
Section 10(20) of the Income Tax Act, 1961 provides exemption from income tax for the income of a local...
The Income Tax Act, 1961, provides a special procedure for assessments in search cases to ensure thorough...