Section 144B introduces a technology-driven, faceless assessment scheme to eliminate human interface,...
Here’s a detailed explanation of the Procedure for Imposing Penalty under Section 274 of the Income Tax...
Section 63 defines what constitutes a revocable transfer for the purposes of Section 61. It clarifies...
Section 10(23AAA) of the Income Tax Act provides an exemption for income received by any person on behalf...
Section 242 of the Income Tax Act, 1961, clarifies that a refund claim cannot be used to challenge the...
(A) Providing Tax Relief
A.1 Substantial relief is proposed under the new tax regime with new slabs and...
To avail tax exemption under Section 11, a charitable or religious trust must satisfy the following mandatory...
Section 69D targets hundi transactions (an informal financial instrument) conducted without banking channels,...
Kisan Vikas Patra is a certificate scheme from the Indian post office. It doubles a one-time investment...
Retirement planning is crucial for employees to ensure financial security post-retirement while minimizing...
1. Mandatory E-Filing Requirement
All tax deductorsmust electronically file quarterly TDS statements
Applies...
Income chargeable under the head “Income from house property” shall be computed after making...
Short Answer: No, the Annual Value (AV) or Net Annual Value (NAV) of a property cannot be negative under...
Section 45(3) of the Indian Income Tax Act, 1961, deals with the taxation of capital gains arising from...
Under the Income Tax Act, 1961, Sections 115QA to 115QC impose a tax on distributed income when a domestic...
Being a Member of Parliament (MP) or a Member of Legislative Assembly (MLA) is a position of great responsibility....
Under Section 10(17A) of the Income Tax Act, any award or reward received by an individual in recognition...
The Government of India has introduced a new Amnesty Scheme under GST, notified via Notification No. 17/2024 –...
Interest on Non-resident (External) Account (NRE) is exempt from income tax in India under Section 10(4)(ii)...
1. Overview
Introduced: Finance Act 2021 (effective from 1st July 2021).
Purpose: Imposes higher Tax...