Section 293B of the Income Tax Act, 1961, empowers the Central Board of Direct Taxes (CBDT) to condone...
Annual Value is the taxable value assigned to a property for calculating “Income from House Property”....
Section 10(19) of the Income Tax Act provides an exemption for the family pension received by the family...
According to Section 10(7), allowances or perquisites received by an employee outside of India for rendering...
Here’s a detailed analysis of Section 273A of the Income Tax Act, 1961, which empowers tax authorities...
Under the Income Tax Act, 1961, rent-free or concessional accommodation provided by an employer is a taxable...
The “Full Value of Consideration” (FVC) is the total amount received or receivable when a...
Section 65 clarifies the tax liability of the transferee (recipient of income/assets) when income is...
1. Fundamental Principle
TDS Credit Mechanism: Any tax deducted at source (TDS) is treated as:
Payment...
Chapter XIV-B (Sections 158BA, 158BB, 158BE):
Replaces “total income” assessment with “undisclosed...
If you missed the deadline to claim a tax refund, you may still file a delayed refund claim under specific...
The Budget 2025 proposed new tax slab rates under section 115BAC i.e., the New Tax Regime or the Default...
Under Section 139C of the Income Tax Act, 1961, the Central Board of Direct Taxes (CBDT) has the authority...
Here’s a detailed analysis of Immunity under Section 270AA of the Income Tax Act, 1961, which protects...
The Income Tax Act, 1961, allows for the waiver or reduction of interest in certain cases, primarily...
Section 147 empowers the Assessing Officer (AO) to reassess or recompute income that has escaped taxation in...
Special Provisions for computing Business income in certain cases on the basis of Estimated Income Method...
(1) Introduction to Section-71 (Inter-Head Adjustment)
Under the Indian Income Tax Act, 1961, taxpayers...
The commuted value of pension refers to the lump sum amount received by an employee in lieu of a portion...
The taxpayer has to communicate the details of his taxable income/loss to the Income tax Department.
These...