1. What is equalization levy (EL)?
This is a tax leviable on consideration received or receivable by...
Note:
(a) “Basic Excise Duty” means the excise duty set forth in the Fourth Schedule to the...
Income tax laws in India provide various deductions and exemptions to taxpayers, helping them reduce...
Section 234A(4) of the Income Tax Act, 1961, deals with the adjustment of interest when there is a subsequent revision,...
Income under the head ‘Income from House Property’ under Section 22 to 27 has been described with practical...
The rules for valuation of specified fringe benefits or amenities arc as under:
1. Interest Free Or...
1. Legal Definitions
A. “Seller” (Section 206C(1))
Who is a Seller?
Any person/entity(individual,...
What is PAN?
Permanent Account Number (PAN) is a unique ten-digit alphanumeric identifier issued by...
List of all Other Deductions which are specified under section 36 of the Indian Income Tax Act,1961,...
Applicable to: All taxpayers (Individuals, HUFs, Companies, etc.)
This section provides tax benefits...
Understanding Section 10(8A)
Section 10(8A) provides full tax exemption on remuneration received by:
Non-Indian...
Section 168 of the Finance Act, 2016 (Chapter VIII) governs the processing of statements furnished under...
Introduction
The Goods and Services Tax (GST) registration process in India has seen a significant shift...
1. Applicability
Section 56(2)(ii) covers rental income from:
Machinery
Plant(equipment, tools, vehicles)
Furniture
when not...
Section 80JJAA of the Indian Income Tax Act, 1961 provides a valuable deduction for employers who create...
Purpose:
This section provides full tax exemption on certain allowances received by:
Members of Parliament...
Section 10(34A) of the Income Tax Act provides a tax exemption for shareholders on income received from...
Purpose:
This section provides a full tax exemption on income earned by scientific research associations that...
1. Applicability
Section 56(2)(x) covers:
Cash gifts
Immovable property(land, buildings)
Movable property(jewelry,...
Section 192A of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on premature withdrawals...