Section 206C of the Act provides for tax collection at source (TCS) on business of trading in alcoholic...
Section 80RRB of the Income Tax Act, 1961, provides for a deduction in respect of royalty income received...
Section 43B of the Income Tax Act, 1961 is a crucial provision that disallows certain expenses unless...
Section 142 empowers the Assessing Officer (AO) to conduct a preliminary inquiry before finalizing an...
(1) Introduction to Section-72
Section 72, which deals with the carry forward and set off of business...
Section 139D of the Income Tax Act, 1961, mandates electronic filing (e-filing) of income tax returns...
Section 10(4) of the Income Tax Act, 1961 in India provides an exemption for certain types of interest...
Under Section 234C of the Income Tax Act, taxpayers are generally required to pay advance tax in instalments....
Circular No. 07/2024 [F. No.173/25/2024-ITA-I] Dated 25th April, 2024: A Detailed Analysis
The Central...
Under Section 56(2)(ib) of the Indian Income Tax Act, 1961, income from winnings is subject to taxation....
(1) Conditions to be satisfied for applicability of Section 112A [Section 112A(1)]:
Notwithstanding...
1. Legal Basis
Section 206C(3): Mandates deposit of Tax Collected at Source (TCS)to the Central Government...
Under Section 23(2) to (4) of the Income Tax Act, 1961, a self-occupied residential property (SOP) is...
Applicable to: All Individual & HUF Taxpayers
This section caps the total deductions available under...
It was introduced under chapter VIII of Finance Act, 2016. This chapter came in to force from 1st June,...
Section 10(24) of the Income Tax Act provides a tax exemption for certain types of income earned by registered...
To promote digital transactions, the Income Tax Act mandates certain businesses to compulsorily accept...
A format to compute the capital gain is given below:
Computation of Short-term Capital Gains
Full...
Section 201(1A) of the Income Tax Act, 1961, imposes interest on a deductor (employer, company, etc.)...