Understanding of Section 80P
Section 80P of the Income Tax Act, 1961 provides a deduction in respect...
Section 10(10B) of the Income Tax Act, 1961 provides important tax relief for workmen who receive compensation...
Tax Audit Forms
The Incomes prescribed two types of forms for tax audit:
Audit Report:
The audit report...
1. Applicability
Section 56(2)(x) covers:
Cash gifts
Immovable property(land, buildings)
Movable property(jewelry,...
Here’s a detailed explanation of Penalty under Section 271H of the Income Tax Act, 1961, which applies...
Section 92 of The Income Tax Act 1961, states that any income, expenditure interest & allocation...
Here’s a detailed analysis of Section 278AB of the Income Tax Act, 1961, which empowers the Principal...
Under the Income Tax Act, 1961, if a taxpayer or the Income Tax Department is dissatisfied with an order...
1. Understanding of Section 80-IAC
The Income Tax Act, 1961 provides various deductions for taxpayers...
Section 194-O of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made by e-commerce...
Section 10(23BBH) of the Income Tax Act provides a complete tax exemption for the income of Prasar Bharati...
1. Overview
When a taxpayer fails to pay advance tax voluntarily, the Assessing Officer (AO) can issue...
Applicable to: Individuals & HUFs
This section provides tax benefits for health-related expenditures,...
Applicable to: Banks/Financial Institutions operating in IFSCs (e.g., GIFT City)
This section provides 100%...
Section 194-IB of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on rent payments exceeding ₹50,000/month by individuals...
Yes, a loss can arise under “Income from House Property” due to high interest on home loans or low...
1. Clarification in respect of Disallowance under Section 14A in absence of any Exempt Income during...
Here we describe all the Provisions towards Calculation of Tax on Short-term Capital Gains under Section...
Introduction-
The CBIC vide Notification No. 04/2024 – Central Tax dated January 05, 2024, notified the...
Section 40A of the Income Tax Act, 1961 specifies certain expenses or payments that cannot be deducted while...