Gratuity is a lump-sum payment made by an employer to an employee as a token of appreciation for long-term...
Here we discuss all the Provisions towards Computation of Capital Gain in certain Special Cases and the...
Section 10(23FB) of the Income Tax Act provides a tax exemption for income earned by a Venture Capital...
Provident Fund (PF) is a social security scheme in India that provides financial assistance to employees...
1. Legal Definitions
A. “Seller” (Section 206C(1))
Who is a Seller?
Any person/entity(individual,...
Section 192A of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on premature withdrawals...
Applicable to: Indian Companies
This section provides 100% tax deduction for contributions made by Indian...
Section 72 of the Income Tax Act, 1961, governs the carry forward and set-off of business losses, allowing...
Section 10(4E) of the Income Tax Act, 1961 provides an exemption from tax on income arising from the...
Under Section 17(2) of the Income Tax Act, 1961, certain perquisites are taxable for all employees, regardless...
In the realm of tax enforcement, the power of inspection, search, and seizure plays a pivotal role in...
Introduced by the Finance Act, 2023, these provisions impose a “Ceasing Tax” on charitable/religious...
Section 234G of the Income Tax Act, 1961, imposes a late fee on institutions, trusts, or funds that fail...
[Section 46A] : Capital Gains on Purchase by Company of its Own Shares or Other Specified Securities
(1) Capital gains tax is an important aspect of the Indian Income Tax Act, 1961. Section 46A of...
Income tax laws in India provide various deductions and exemptions to taxpayers, helping them reduce...
1. Legal Definition (Section 2(14))
A capital asset means:
Property of any kind held by an assessee...
Income chargeable under the head “Income from house property” shall be computed after making...
Applicable to: Individuals & HUFs (Non-Senior Citizens)
This section provides tax relief on interest...
Section 57 of the Income Tax Act, 1961, permits specific deductions while computing taxable income under...
Introduction
In the world of business and finance, it is not uncommon for companies to convert their...