Section 73 of the Income Tax Act, 1961, governs the treatment of speculation business losses, imposing...
Here’s a detailed summary of the removal of the Equalisation Levy (EL) in India, including key changes,...
1. [Section 56(2)]: List of Incomes included under ‘Income from Other Sources’
There are many incomes...
The introduction of Section 128A in the Central Goods and Services Tax (CGST) Act, 2017, by the Finance...
Applicable to: All Individual & HUF Taxpayers
This section caps the total deductions available under...
Income arising to a shareholder on account of Buy Back of Shares is governed by Section 10(34A) of the...
Section 54F of the Income Tax Act, 1961, provides tax exemption on long-term capital gains (LTCG) from...
Section 196B of the Income Tax Act, 1961 governs the Tax Deducted at Source (TDS) on income paid to non-residents or foreign...
Unrealised rent refers to rental income that is due but not received from a tenant. The Income Tax Act,...
Applicable to: Individual authors/researchers (Indian residents)
This section provides tax relief on royalty...
The provisions of Finance (No. 2) Bill, 2024 (hereafter referred to as “the Bill”), relating...
Short Answer: No, the Annual Value (AV) or Net Annual Value (NAV) of a property cannot be negative under...
Section 10(6A) of the Income Tax Act, 1961, provides a tax exemption to foreign companies on income earned...
Section 193 of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on interest earned from...
Section 10(25) of the Income Tax Act provides tax exemptions for income earned by various retirement-related...
As per Section 44AA and Rule 6F, persons carrying on Business and Professions specified below are mandatorily...
Section 54GB of the Income Tax Act, 1961, provides tax exemption on long-term capital gains (LTCG) from...
House Rent Allowance (HRA) is a common component of most employees’ salary packages. It is provided...
Applicable to: Indian Companies
This section provides 100% tax deduction for contributions made by Indian...
1. Key Features of Section 69B
Objective: Targets underreported investmentswhere actual expenditure...