1. Overview
Section 293C of the Income Tax Act, 1961 empowers the Central Government to withdraw approvals...
Section 139(5) of the Income Tax Act, 1961, allows taxpayers to correct errors or omissions in their...
Applicable to: Individuals & HUFs
Section 80C is one of the most popular tax-saving sections, allowing...
Section 65 clarifies the tax liability of the transferee (recipient of income/assets) when income is...
Section 80DDB of the Income Tax Act in India provides a deduction for individuals and Hindu Undivided...
1. Basic Concepts
AOP (Association of Persons): Group formed for common purpose (business/profession)
BOI...
1. Overview
Introduced: Finance Act, 2004.
Objective: Ensure tax compliance on income from leases/licenses...
Section 293D empowers the Central Government to implement a faceless (digital) scheme for granting approvals...
Section 115BBE of the Income Tax Act, 1961 imposes a flat 60% tax rate (plus 25% surcharge and 4% cess,...
Section 71B of the Income Tax Act, 1961, governs the carry forward and set-off of losses from house property,...
1. Legal Status of Default
Deductor becomes “Assessee in Default”for:
Failure to deduct...
Section 10(23BBC) of the Income Tax Act provides a tax exemption for the income of the SAARC Fund for...
Section 194B of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on winnings from games...
1. Overview
Section 115BA provides a concessional tax rate of 22% (plus surcharge & cess) for new...
Purpose:
This section provides a full tax exemption on income earned by approved news agencies that operate...
Amendment of Section 2 [Total Income” for the purpose of Taxation]
3. In section 2 of the Income-tax...
Is one of the most well-known investment schemes offered by the India Post. While the scheme is open...
Section 293B of the Income Tax Act, 1961, empowers the Central Board of Direct Taxes (CBDT) to condone...
Section 54GB of the Income Tax Act, 1961 in India provides for the exemption of long-term capital gains...
Section 145 of the Income Tax Act, 1961 governs the method of accounting for computing taxable income...