Section 10(50) of the Income Tax Act, 1961 provides for exemption from income tax in the hands of a non-resident...
Ministry of Finance
HIGHLIGHTS OF UNION BUDGET 2025-26
Posted On: 01 FEB 2025 1:29PM by PIB Delhi
PART...
Section 10(10BC) of the Income Tax Act, 1961, provides an exemption for compensation received by an individual...
1. Legal Basis
Proviso to Section 206C(3): Requires sellers/collectorsto submit a statement of TCS collected...
What are the Deemed Profits and how they chargeable to Tax as Business Income
1. Recovery against any...
The residential status of an individual is crucial for determining tax liability in India. It classifies...
The Income Tax Act, 1961 provides detailed provisions under Sections 70 to 80 for setting off and carrying...
1. Legal Provision
Section 206C (7)mandates that sellers/collectors must pay interest if they:
Fail...
Under Section 54G, the Exemption is available to all categories of assessees in respect of Capital Gain...
Section 10(48A) of the Income Tax Act provides an exemption in respect of income earned by a foreign...
Unrealised rent refers to rental income that is due but not received from a tenant. The Income Tax Act,...
Applicable to: Indian Companies
This section provides 100% tax deduction for contributions made by Indian...
1. Purpose of Section 115JAA
Allows companies to claim creditfor excess MAT paid (when MAT > normal...
Section 10(4D) of the Income Tax Act, 1961 in India provides an exemption for certain income earned by...
Section 10(12B) of the Income Tax Act, 1961 provides tax exemption to partial withdrawals from the National...
1. Overview
Under Section 210(1) of the Income Tax Act, 1961, taxpayers liable for advance tax must voluntarily...
Amendment of section 9.
110. In the Central Goods and Services Tax Act, 2017 (12 of 2017.) (hereinafter...
S.O. 614(E).-In exercise of the powers conferred by sub-section (2) of section 168 of Finance Act, 2016...
Section 44AE of the Income Tax Act, 1961 provides a simplified presumptive taxation scheme for businesses...
Section 10(23BBA) of the Income Tax Act provides a tax exemption for the income of any body or authority...