Here’s a detailed breakdown of Penalty under Section 271DA of the Income Tax Act, 1961, for failure to...
Indian Strategic Petroleum Reserves Limited (ISPRL) plays a crucial role in ensuring the energy security...
The Central Board of Indirect Taxes and Customs (CBIC) has released Notification No. 12/2024–Central...
The Income Tax Act, 1961, allows for the waiver or reduction of interest in certain cases, primarily...
Section 142A of the Income Tax Act, 1961 empowers the Assessing Officer (AO) to refer matters of asset...
Goods and Services Tax (GST) in India is a comprehensive, multi-stage, destination-based tax that is...
1. Definition & Applicability
Entertainment Allowance is a special allowance given to employees to...
1. Income Tax Law
An understanding of the Income-tax law requires a study of the following:
(I) ...
Section 115JB(2) mandates that the Statement of Profit & Loss (P&L) for MAT computation must...
E-Invoicing has been implemented in India in a phased manner since 1st October 2020. Let us discuss whether...
Section 194 of the Income Tax Act, 1961, governs Tax Deducted at Source (TDS) on dividend payments made...
The Income Tax Appellate Tribunal (ITAT) derives its adjudicatory powers from Section 254 of the Income...
1. Overview of Section 58
Section 58 specifies expenses that cannot be deducted while computing taxable...
1. Overview
Introduced: Finance Act 2021 (effective from 1st July 2021).
Purpose: Imposes higher Tax...
Under Section 10(35A) of the Act, any income received by an investor from a securitisation trust is exempt...
Section 10(12B) of the Income Tax Act, 1961 provides tax exemptions on partial withdrawals from the National...
A Post Office Savings Account is one of the most popular and accessible savings accounts in India.
The...
Section 196A of the Income Tax Act, 1961 governs the Tax Deducted at Source (TDS) on income paid to non-residents (including foreign...
Notification No. 06/2025 [F. No. 275/108/2024-IT(B)] Dated 6th January, 2025
MINISTRY OF FINANCE
(Department...
Under Section 234C of the Income Tax Act, taxpayers are generally required to pay advance tax in instalments....