Notification No. 05/2025 [F. No. 300196/37/2019-ITA-I] Dated 3nd January, 2025
MINISTRY OF FINANCE
(Department...
Tax Audit Forms
The Incomes prescribed two types of forms for tax audit:
Audit Report:
The audit report...
A Charitable and Religious Trust is a type of non-profit organization that is formed for the purpose...
1. Importance of Residential Status
Residential status determines:
Which incomes are taxable in India...
Section 10(23D) of the Income Tax Act provides a tax exemption for the income of certain mutual funds...
Key Rule:
Section 61 (taxation of revocable transfers) does NOT applyif the transfer is irrevocable...
Section 10(23DA) of the Income Tax Act provides a tax exemption for income earned by a securitisation...
According to Section 10(2A), any share of profit received by a partner from a firm is exempt from tax....
1. Agricultural Income [Section 10(1)]
As per Section 10(1) of the Income Tax Act, agricultural income...
Employee Stock Option Plans (ESOPs) are popular mechanisms through which companies attract, retain, and...
Section 293D empowers the Central Government to implement a faceless (digital) scheme for granting approvals...
1. Overview
Section 115BA provides a concessional tax rate of 22% (plus surcharge & cess) for new...
1. Legal Definitions
A. “Seller” (Section 206C(1))
Who is a Seller?
Any person/entity(individual,...
Understanding of Section 54B
Agriculture plays a vital role in the economy of many countries, providing...
Income arising to a shareholder on account of Buy Back of Shares is governed by Section 10(34A) of the...
What is PAN?
Permanent Account Number (PAN) is a unique ten-digit alphanumeric identifier issued by...
Section 115JB(4) of the Income Tax Act, 1961, mandates that companies liable for Minimum Alternate Tax...
The article you’re viewing discusses significant changes to the regulations governing Charitable Trusts...
Section 244A of the Income Tax Act, 1961, governs the interest paid by the Income Tax Department to taxpayers...
Introduction
The Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax...