Allowances form a significant part of salary income and are classified into three categories for tax...
Section 67 of the Central Goods and Services Tax (CGST) Act, 2017 deals with the inspection, search,...
1. Legal Requirement
Section 206C(5): Mandates that every seller/collectormust issue a TCS certificate...
Under the Income Tax Act, 1961, the Principal Chief Commissioner (PCCIT), Chief Commissioner (CCIT),...
1. Overview
Section 293C of the Income Tax Act, 1961 empowers the Central Government to withdraw approvals...
As already discussed, motor car/other vehicles, provided by the employer, is a perquisite only for specified...
Section 10(1) of the Income Tax Act, 1961, provides a full exemption for agricultural income, meaning...
Section 167 of the Finance Act, 2016 (Chapter VIII) governs the furnishing of statements for the Equalisation...
Under the Goods and Services Tax (GST) regime in India, certain banking-related services are either exempt...
Section 194H of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made as commission...
1. Legal Definition
Primary Responsibility: The person legally obligated to deduct TCS/TDS under the...
Perquisites under Section 17(2) of the Income Tax Act, 1961, are additional benefits or amenities provided...
Understanding Section 71: Inter-Head Adjustment
Section 71 of the Income Tax Act, 1961 allows taxpayers...
1. Legal Basis for TDS Certificates
Section 203of the Income Tax Act, 1961 mandates that every deductor must...
According to Section 10(2A), any share of profit received by a partner from a firm is exempt from tax....
Section 74 of the Income Tax Act, 1961 governs the treatment of capital losses, providing specific rules...
The Budget Speech for 2025-26 by Finance Minister Nirmala Sitharaman, presented in Parliament, outlines...
1. Set-Off Rules for Current Year Losses
Intra-head adjustment (Section 70):
Business losses can be...
The National Savings Certificate (NSC) is a fixed Income Investment scheme that you can open with any...
[Section 46A] : Capital Gains on Purchase by Company of its Own Shares or Other Specified Securities
(1) Capital gains tax is an important aspect of the Indian Income Tax Act, 1961. Section 46A of...