Under Section 10(35A) of the Act, any income received by an investor from a securitisation trust is exempt...
1. Applicability
Section 56(2)(x) covers:
Cash gifts
Immovable property(land, buildings)
Movable property(jewelry,...
As already discussed, motor car/other vehicles, provided by the employer, is a perquisite only for specified...
1. Scope of Total Income / Incidence of Tax [Section 5]
Total income of an assessee cannot be computed...
The residential status of a company is a crucial factor in determining its tax liability in India. Section...
Under the Income Tax Act, 1961, the right to claim a refund depends on who has paid the excess tax and...
Applicable to: Individuals & HUFs (Non-Senior Citizens)
This section provides tax relief on interest...
Section 10(5) of the Income Tax Act, 1961, provides an exemption for Leave Travel Concession (LTC) or Leave...
Section 264B of the Income Tax Act, 1961, pertains to the faceless effect of orders passed under the...
Section 156 of the Income Tax Act, 1961, governs the issuance of demand notices by the Assessing Officer...
Under the Income Tax Act, brought forward losses must be set off against eligible income in the immediately...
The Income Tax Act, 1961 governs the taxation of companies in India, outlining rules for computation,...
1. Who is Liable?
Every taxpayer(individuals, HUFs, companies, firms, etc.) whose estimated tax liability for...
Introduction
The people of India have reposed their faith in the government led by the Hon’ble Prime...
Amendment of Section 2 [Total Income” for the purpose of Taxation]
3. In section 2 of the Income-tax...
The commuted value of pension refers to the lump sum amount received by an employee in lieu of a portion...
Applicable to: All taxpayers (Individuals, HUFs, Companies, etc.)
This section provides tax benefits...
The Budget Speech for 2025-26 by Finance Minister Nirmala Sitharaman, presented in Parliament, outlines...
CBDT issues clarification in respect of Income-tax clearance certificate (ITCC)-Press Release by PIB
Ministry of Finance
CBDT issues clarification in respect of Income-tax clearance certificate (ITCC)
It...
Provisions and Amendments Relating to Direct Tax Vivad se Vishwas Scheme, 2024
The Income-tax Act, 1961...