Income from house property is one of the five heads of income under the Income Tax Act, 1961. It applies...
Purpose:
This section provides full tax exemption on certain allowances received by:
Members of Parliament...
Amendment of section 9.
110. In the Central Goods and Services Tax Act, 2017 (12 of 2017.) (hereinafter...
1. Purpose of Rule 6G
Prescribes the forms and mannerfor submitting tax audit reports
Mandates the format...
Introduction
In the world of business and finance, it is not uncommon for companies to convert their...
Section 10(23FC) of the Income Tax Act provides a tax exemption for specific types of income earned by...
The Income Tax Appellate Tribunal (ITAT) is the second appellate authority under the Income Tax Act,...
Section 194A mandates Tax Deducted at Source (TDS) on interest payments (excluding interest on securities)...
Section 10(4D) of the Income Tax Act, 1961 in India provides an exemption for certain income earned by...
Section 197A of the Income Tax Act, 1961 provides specific situations where no Tax Deducted at Source...
Understanding of Section 54
When an individual sells a residential house property, they are liable to...
Here’s a detailed breakdown of the tax rates on long-term capital gains (LTCG) for assets not covered...
Section 10(10D) provides tax exemption on amounts received from a life insurance policy, including:
Maturity...
Here’s a detailed explanation of Penalty under Section 271H of the Income Tax Act, 1961, which applies...
Section 194DA of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payouts from life...
Long-term capital gain arising on the transfer of any capital asset being land or building or both is...
Section 234F of the Income Tax Act, 1961 imposes a late filing fee if an assessee fails to file their...
Under Section 251 of the Income Tax Act, 1961, the Commissioner of Income Tax (Appeals) [CIT(A)] has wide-ranging...
1. What is PAN?
PAN stands for Permanent Account Number. PAN is a ten-digit unique alphanumeric number...
Section 139AA was introduced in the Income Tax Act, 1961, with effect from July 1, 2017, to make it mandatory...