In the realm of tax enforcement, the power of inspection, search, and seizure plays a pivotal role in...
Section 10(23BB) of the Income Tax Act provides a tax exemption for the income of a Khadi and Village...
Section 241A allows the Income Tax Department to withhold refunds in certain cases, even if a taxpayer...
Section 194C of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made to resident...
Section 194LC of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on interest payments...
1. Purpose of Section 115JAA
Allows companies to claim creditfor excess MAT paid (when MAT > normal...
Applicable to: Individuals, HUFs, Firms, AOPs, BOIs, and others (except companies)
This section provides...
Term life insurance, also known as pure life insurance, is a type of life insurance that guarantees payment...
Section 158A of the Income Tax Act, 1961, read with Rule 16 of the Income Tax Rules, 1962, provides a...
Section 72A of the Income Tax Act, 1961, provides exceptional relief for companies undergoing restructuring...
Section 194M of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on certain payments made...
As per Part “C” of Schedule II of the Companies Act, 2013 after making following assumptions:
The...
Ministry of Finance
CAPITAL GAINS TAXATION SIMPLIFIED AND RATIONALISED
SHORT TERM GAINS TO ATTRACT A...
Applicable to: Individuals & HUFs
This section provides tax relief for expenses incurred on the care...
Under Section 240 of the Income Tax Act, 1961, refunds arising from appellate or other proceedings are...
Section 158AA of the Income Tax Act, 1961 (inserted via Finance Act, 2015) provides a mechanism to prevent...
Applicable to: All businesses (except freelancers)*
This section provides 30-60% additional wage cost...
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
******
New...
1. [Section 56(2)]: List of Incomes included under ‘Income from Other Sources’
There are many incomes...
The Indian Income Tax Act, 1961, governs the taxation of various sources of income in India. One such...