Section 115BAB of the Income Tax Act, 1961 provides a concessional tax rate of 15% (plus surcharge &...
Section 245 of the Income Tax Act, 1961 allows the Income Tax Department to adjust (set off) a taxpayer’s refund...
Unrealised rent refers to rental income that is due but not received from a tenant. The Income Tax Act,...
Political parties play a crucial role in any democratic society. They serve as the voice of the people,...
Accommodation provided to the employee may be—
(i) unfurnished
(ii) furnished
Further, such...
Section 7 of the Income Tax Act, 1961, defines certain incomes that are deemed to be received in India,...
Section 132A empowers the Income Tax Department to requisition (take custody of) books of account, documents,...
The Faceless Appeal Scheme, 2021, introduced via Notification No. 139/2021 dated 28th December 2021,...
Understanding Section 10(10)
Section 10(10) provides tax exemption on gratuity payments received by employees....
Section 151A empowers the Central Government to implement a faceless, technology-driven scheme for reassessing...
Income from house property is one of the five heads of income under the Income Tax Act, 1961. It applies...
The Budget 2025 proposed new tax slab rates under section 115BAC i.e., the New Tax Regime or the Default...
Section 194LA of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payments made as...
1. Overview of Section 58
Section 58 specifies expenses that cannot be deducted while computing taxable...
Introduction
In the world of business and finance, it is not uncommon for companies to convert their...
Section 10(6A) of the Income Tax Act, 1961, provides a tax exemption to foreign companies on income earned...
Here’s a detailed explanation of tax relief under Section 89(1) read with Rule 21A of the Income Tax...
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...
The Supreme Court of India’s decision in the case of Chief Commissioner of Central Goods and Services...
Section 10(23EE) of the Income Tax Act provides a tax exemption for specified income of a Core Settlement...