Here’s a structured overview of Collection of Tax at Lower Rate under Section 206C(9), (10), (11)...
Section 139AA was introduced in the Income Tax Act, 1961, with effect from July 1, 2017, to make it mandatory...
1. What is equalization levy (EL)?
This is a tax leviable on consideration received or receivable by...
The Public Provident Fund (PPF) scheme is a very popular long-term savings scheme in India because of...
1. Allowances- Income under the head Salaries
Allowance is a fixed monetary amount paid by the employer...
The deductions under Chapter VI-A (Sections 80A to 80U) are subject to certain overarching rules that...
Section 44AD provides a presumptive taxation scheme for small businesses, allowing them to declare income...
To simplify tax compliance and enhance the ease of doing business, the Finance Act has proposed significant...
Section 242 of the Income Tax Act, 1961, clarifies that a refund claim cannot be used to challenge the...
Section 63 defines what constitutes a revocable transfer for the purposes of Section 61. It clarifies...
Section 64 of the Income Tax Act, 1961, mandates the clubbing of certain incomes earned by family members...
1. Legal Provision
Section 206C(4)ensures that the buyer (collectee) receives credit for the TCS amount...
Under Section 10(18) of the Income Tax Act, certain awardees and their family members are eligible for...
Section 10(23BBG) of the Income Tax Act provides a full tax exemption for the income of the Central Electricity...
1. Agricultural Income [Section 10(1)]
As per Section 10(1) of the Income Tax Act, agricultural income...
Under the Explanation to Section 139(9) of the Income Tax Act, 1961, a return is considered defective if...
Understanding Section 71: Inter-Head Adjustment
Section 71 of the Income Tax Act, 1961 allows taxpayers...
The following benefits are taxable for all employees, irrespective of their salary or designation. These...
(1) Introduction to Section-72
Section 72, which deals with the carry forward and set off of business...
Assessment of Charitable Organizations When Commercial Receipts Exceed 20% Threshold [Section 13(8)]
1. Key Provision (Section 13(8))
Introduced by Finance Act 2022(Effective AY 2023-24)
Applies whena...