Under the Income Tax Act, 1961, if a taxpayer or the Income Tax Department is dissatisfied with an order...
Section 10(23C) of the Income Tax Act provides tax exemption to certain funds, institutions, universities,...
Applicable to: Individuals, HUFs, Firms, AOPs, BOIs, and others (except companies)
This section provides...
Introduction
In the world of business and finance, it is not uncommon for companies to convert their...
Here’s a detailed overview of Return of Income and Procedure of Assessment (Sections 139 to 154) under...
Under the Goods and Services Tax (GST) regime in India, certain banking-related services are either exempt...
Applicable to: Indian Resident Individuals (Inventors/Patent Holders)
This section provides tax relief...
Section 139(5) of the Income Tax Act, 1961, allows taxpayers to correct errors or omissions in their...
The Finance Bill 2025, presented by Finance Minister Nirmala Sitharaman as part of the Union Budget 2025-26,...
1. Key Features of Section 69C
Objective: Targets unexplained expenseswhere the assessee cannot prove...
Section 10(4E) of the Income Tax Act, 1961 in India provides an exemption for income earned by a non-resident...
Section 234C of the Income Tax Act, 1961 imposes interest for deferring advance tax payments beyond the...
Applicable to: *Individuals aged 60+ years (including NRIs)*
This section provides higher tax relief...
Under Section 10(18) of the Income Tax Act, certain awardees and their family members are eligible for...
Section 194-I of the Income Tax Act, 1961, a crucial piece of legislation in India, governs the taxation...
Section 10(13) of the Income Tax Act, 1961 provides tax exemptions on payments received from an approved...
A Charitable and Religious Trust is a type of non-profit organization that is formed for the purpose...
Section 16 allows three key deductions from gross salary income before computing taxable salary. These...
Gratuity is a significant part of an employee’s remuneration package. It is a payment made by an employer...
Section 43B- Deductions Allowed only on Actual Payment -Profits and Gains of Business and Profession
Under Section 43B, some of the Expenses are allowed and can be claimed by the Assessee only in the year...