Under Section 48 of the Income Tax Act, 1961, certain expenses incurred during the transfer of a capital...
Section 139(4) of the Income Tax Act, 1961, allows taxpayers to file a belated return if they miss the...
Section 44AE of the Income Tax Act, 1961 provides a simplified presumptive taxation scheme for businesses...
Section 234H of the Income Tax Act, 1961 imposes a fee for failure to intimate/link one’s Aadhaar...
HRA (House Rent Allowance) is a salary component that helps employees cover rental expenses. Under Section...
It was introduced under chapter VIII of Finance Act, 2016. This chapter came in to force from 1st June,...
1. Importance of Residential Status
Residential status determines:
Which incomes are taxable in India...
Applicable to: Manufacturing, SMEs, and select service providers
This section provides partial to full...
Under Section 17(2) of the Income Tax Act, 1961, certain perquisites are taxable for all employees, regardless...
Under Section 139(4D) of the Income Tax Act, 1961, research institutions engaged in scientific, social,...
The Indian Income Tax Act, 1961 classifies taxable income under five distinct heads, with “Income...
Under the Income Tax Act, 1961, and the Constitution of India, an appeal can be filed before the Supreme...
Applicable to: Individuals, HUFs, Firms, AOPs, BOIs, and others (except companies)
This section provides...
Being a Member of Parliament (MP) or a Member of Legislative Assembly (MLA) is a position of great responsibility....
Here’s a detailed breakdown of incomes exempt under Section 11 of the Income Tax Act, 1961, for charitable...
Section 10(6B) of the Income Tax Act, 1961, provides a tax exemption to non-residents (including foreign...
Section 80U of the Income Tax Act provides relief to individuals with disabilities by allowing them to...
SCSS is a savings product available for senior citizens aged 60 or above. On the date of opening an SCSS...
1. Purpose of Section 115JAA
Allows companies to claim creditfor excess MAT paid (when MAT > normal...
Income from salaries is taxable under Sections 15-17 of the Income Tax Act, 1961. It includes all remuneration...