Yes, under Section 238 of the Income Tax Act, 1961, a person other than the assessee can claim a refund...
Section 10(10D) provides tax exemption on amounts received from a life insurance policy, including:
Maturity...
The Public Provident Fund (PPF) scheme is a very popular long-term savings scheme in India because of...
Here’s a detailed summary of the relaxation of deemed let-out property provisions under the Finance Bill...
Section 10(44) of the Income Tax Act, 1961 provides for exemption from income tax in India in respect...
1. Legal Status of Default
Deductor becomes “Assessee in Default”for:
Failure to deduct...
HRA (House Rent Allowance) is a salary component that helps employees cover rental expenses. Under Section...
Applicable to: *Farmer Producer Companies (FPCs) registered under Companies Act, 1956/2013*
This section...
1. Mandatory E-Filing Requirement
All tax deductorsmust electronically file quarterly TDS statements
Applies...
Here’s a detailed explanation of Section 271K of the Income Tax Act, 1961, which deals with penalties...
Section 206CC of the Income Tax Act, 1961 mandates a higher Tax Collected at Source (TCS) rate if the...
Under Section 56(2)(ib) of the Indian Income Tax Act, 1961, income from winnings is subject to taxation....
Understanding the intricacies of advance tax and self-assessment tax is crucial for both compliance and...
Compensation received under a Voluntary Retirement Scheme (VRS) or Voluntary Separation Scheme is partially...
Section 194-I of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on rent payments exceeding...
1. Applicability
Section 56(2)(x) covers:
Cash gifts
Immovable property(land, buildings)
Movable property(jewelry,...
Employee Stock Option Plans (ESOPs) are popular mechanisms through which companies attract, retain, and...
Accommodation provided to the employee may be—
(i) unfurnished
(ii) furnished
Further, such...
1. Legal Definition
Primary Responsibility: The person legally obligated to deduct TCS/TDS under the...
Overview of STCG under Section 111A
Short-term capital gains (STCG) arising from the transfer of equity...