Section 71B of the Income Tax Act, 1961, governs the carry forward and set-off of losses from house property,...
Understanding of Capital Gain
When it comes to the transfer of shares or debentures by non-residents,...
As per Section 44AA and Rule 6F, persons carrying on Business and Professions specified below are mandatorily...
1. Basic Concepts
AOP (Association of Persons): Group formed for common purpose (business/profession)
BOI...
1. Core Rule (Strict Liability)
No PAN = Higher TDS/TCS:
TDS rate: 20%(instead of normal rate)
TCS...
Section 115F of the Income Tax Act, 1961, provides a tax exemption to Non-Resident Indians (NRIs) on long-term...
The provisions, which are being discussed under various sub-sections of section 40A have overriding effect ...
Key Rule
When an individual converts their self-acquired property into HUF (Joint Family) property, any...
INTRODUCTION-
The Goods and Services Tax (GST) is a comprehensive and multi-stage tax system that aims...
Being a Member of Parliament (MP) or a Member of Legislative Assembly (MLA) is a position of great responsibility....
Section 15 of the Income Tax Act, 1961 defines what constitutes taxable salary income and specifies the...
Perquisites under Section 17(2) of the Income Tax Act, 1961, are additional benefits or amenities provided...
Applicable to: First-time homebuyers of affordable housing
This section provides an enhanced tax benefit for...
Here’s a detailed breakdown of Penalty under Section 271DA of the Income Tax Act, 1961, for failure to...
Ministry of Finance
HIGHLIGHTS OF UNION BUDGET 2025-26
Posted On: 01 FEB 2025 1:29PM by PIB Delhi
PART...
1. Definition of “Person” under Section 2(31)
Section 2(31) of the Income Tax Act, 1961...
1. Primary Responsibilities of Deductor
Tax Deduction at Source:
Must deduct correct % as per Income...
Section 147 of the Income Tax Act, 1961, deals with the reassessment of income if the Assessing Officer...
Section 194K of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on income distributed...
(1) When a company goes into liquidation, it is important to understand the implications it can...