1. Source of the funds or any other sum provided by the lender to the borrower and credited in hooks...
Section 10(23EE) of the Income Tax Act provides a tax exemption for specified income of a Core Settlement...
1. Legal Basis
Section 206C(6A)empowers tax authorities to impose penalties under Section 221 on sellers...
Any profits or gains arising from the transfer of a capital asset effected in the previous year, shall...
Section 196B of the Income Tax Act, 1961 governs the Tax Deducted at Source (TDS) on income paid to non-residents or foreign...
1. Computation of Income under the head Income from “Salaries”
The first head of income is...
1. Basic Principle of Assessment
Clubbed income is assessed in the hands of the transferor (not the transferee)...
The residential status of a company is a crucial factor in determining its tax liability in India. Section...
The Income Tax Law in India is a complex and ever-changing set of regulations that govern the taxation...
The Goods and Services Tax (GST) Act is a comprehensive legislation that governs the taxation of goods...
Section 211 of the Income Tax Act, 1961, mandates the payment of advance tax in four instalments during...
Section 10(20) of the Income Tax Act, 1961 provides exemption from income tax for the income of a local...
A. Legislative Changes in Customs Laws
A.1 Amendments in the Customs Act, 1962
(i) Section 28 DA is being...
Section 293B of the Income Tax Act, 1961, empowers the Central Board of Direct Taxes (CBDT) to condone...
The Income Tax Appellate Tribunal (ITAT) is the second appellate authority under the Income Tax Act,...
1. Definition of ‘Transfer’ [Section 2(47)]
A transfer includes:
Sale, exchange, or relinquishment
Compulsory...
We will continue our efforts to simplify taxes, improve tax payer services, provide tax certainty and...
The Central Board of Indirect Taxes and Customs (CBIC) has released Notification No. 12/2024–Central...
Under the Goods and Services Tax (GST) regime in India, healthcare services and hospital room rent are...
The Goods and Services Tax (GST), a comprehensive indirect tax system, has been a transformative step...