1. Section 70: Inter-Source Adjustment – Set Off of Loss from one Source against Income from another...
Section 132 of the Income Tax Act, 1961, empowers the Income Tax Department to conduct search and seizure...
Section 9, Income Accrue or Deemed to Accrue or Arise in India :
Section 9 describes the Incomes which...
The transformation of a Partnership Firm or a Proprietorship Firm into a Private Limited Company is a...
Section 10(48A) of the Income Tax Act provides an exemption in respect of income earned by a foreign...
1. Overview
Introduced: Finance Act 2021 (effective from 1st July 2021).
Purpose: Imposes higher Tax...
Section 10(23BBG) of the Income Tax Act provides a full tax exemption for the income of the Central Electricity...
What is PAN?
Permanent Account Number (PAN) is a unique ten-digit alphanumeric identifier issued by...
Section 281 empowers the Income Tax Department to declare certain asset transfers as void if made during...
Start-ups in India can benefit from significant tax exemptions under Section 80-IAC of the Income-tax...
The Income Tax Bill 2025 will come into effect from April 1, 2026, after it is vetted by a Select Committee...
Understanding Section 71: Inter-Head Adjustment
Section 71 of the Income Tax Act, 1961 allows taxpayers...
1. Legal Provision
Section 206C (7)mandates that sellers/collectors must pay interest if they:
Fail...
1. When Does This Apply?
When the taxpayer calculates their own advance tax liability(not based on the...
The Income Tax Law in India is a complex and ever-changing set of regulations that govern the taxation...
1. Legal Basis
Section 206C(3): Mandates deposit of Tax Collected at Source (TCS)to the Central Government...
When income is clubbed under Sections 60-65 of the Income Tax Act, it is taxed under the same head as...
1. Basic Concepts
AOP (Association of Persons): Group formed for common purpose (business/profession)
BOI...
Introduction
In the world of business and finance, it is not uncommon for companies to convert their...
Section 10(5) of the Income Tax Act allows for certain tax exemptions on travel expenses provided by...