Section 45(1) of the Income Tax Act, 1961 is the foundational provision that defines how and when capital...
Applicable to: Manufacturing, SMEs, and select service providers
This section provides partial to full...
Section 234A(4) of the Income Tax Act, 1961, deals with the adjustment of interest when there is a subsequent revision,...
Section 115JB(2) mandates that the Statement of Profit & Loss (P&L) for MAT computation must...
Applicable to: Banks/Financial Institutions operating in IFSCs (e.g., GIFT City)
This section provides 100%...
Income arising to a shareholder on account of Buy Back of Shares is governed by Section 10(34A) of the...
Government of India
Department of Revenue
Ministry of Finance
Central Board of Direct Taxes
New Delhi,...
Section 49 specifies how the cost of acquisition of a capital asset is determined when it is acquired...
Section 10(23FB) of the Income Tax Act provides a tax exemption for income earned by a Venture Capital...
(1) Conditions to be satisfied for applicability of Section 112A [Section 112A(1)]:
Notwithstanding...
Section 142 empowers the Assessing Officer (AO) to conduct a preliminary inquiry before finalizing an...
List of all Other Deductions which are specified under section 36 of the Indian Income Tax Act,1961,...
Section 10(6) of the Income Tax Act, 1961 provides an exemption from income tax for certain income received...
Here’s a detailed explanation of Penalty under Section 271H of the Income Tax Act, 1961, which applies...
Section 22 of the Income Tax Act, 1961, defines when and how income from house property becomes taxable.
1....
Zero-coupon bonds, also known as deep discount bonds, are fixed-income securities that do not pay periodic...
Section 10(6B) of the Income Tax Act, 1961, provides a tax exemption to non-residents (including foreign...
Section 283 of the Income Tax Act, 1961, provides special rules for serving notices when:
A Hindu Undivided...
Section 206CC of the Income Tax Act, 1961 mandates a higher Tax Collected at Source (TCS) rate if the...
Applicable to: Individuals & HUFs (for self or dependent relatives)
This section provides tax relief...