Section 9 of the Income Tax Act, 1961, is a critical provision that determines when income is considered...
The Central Board of Indirect Taxes and Customs (CBIC) has released Notification No. 12/2024–Central...
Section 80JJAA of the Indian Income Tax Act, 1961 provides a valuable deduction for employers who create...
Section 194A mandates Tax Deducted at Source (TDS) on interest payments (excluding interest on securities)...
Section 80DDB of the Income Tax Act in India provides a deduction for individuals and Hindu Undivided...
1. Legal Definitions
A. “Seller” (Section 206C(1))
Who is a Seller?
Any person/entity(individual,...
The Income Tax Act provides multiple exemptions to reduce or eliminate capital gains tax liability if...
Unrealised rent refers to rental income that is due but not received from a tenant. The Income Tax Act,...
Under Section 139(4A) of the Income Tax Act, 1961, charitable and religious trusts/institutions must...
Here’s a detailed breakdown of tax-free perquisites applicable to all employees under the Income Tax...
Pension is a periodic payment made to an employee after retirement. Under Section 17(1)(ii) of the Income...
Applicable to: Businesses engaged in collecting/processing biodegradable waste
This section provides...
1. Key Features of Section 69
Objective: Targets unexplained investments(e.g., property, gold, shares)...
Enrolment Duration
Expenditure Duration
Beneficiaries
Central Outlay
Years
(lakhs)
(Rs....
Under Explanation 1(iii) to Section 115JB(2), companies can deduct the lower of:
Brought forward losses(as...
Applicable to: Enterprises engaged in infrastructure, power, telecom, SEZs, etc.
This section provides 100%...
Section 281B of the Income Tax Act, 1961, deals with the Provisional Attachment of Property to Protect...
Understanding of Capital Gain
When it comes to the transfer of shares or debentures by non-residents,...
Applicable to: All taxpayers (Individuals, HUFs, Companies, etc.)
This section provides tax benefits...
Section 10(6) of the Income Tax Act, 1961 provides tax exemptions for certain types of remuneration received...