1. Key Features of Section 69B
Objective: Targets underreported investmentswhere actual expenditure...
Section 37(1) of the Income Tax Act, 1961 is a crucial provision that allows businesses and professionals...
Section 44ADA of the Income Tax Act, 1961 provides a simplified presumptive taxation scheme for eligible...
Section 80DD of the Income Tax Act in India provides a deduction for individuals or Hindu Undivided Families...
Section 56(1) serves as the residual head of income, capturing all taxable income that does not fall...
Income arising to a shareholder on account of Buy Back of Shares is governed by Section 10(34A) of the...
Certain professionals and government employees receive special allowances that are fully or partially...
1. Understanding the Principle of Mutuality
The principle of mutuality relates to the notion that a person...
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...
1. Mandatory E-Filing Requirement
All tax deductorsmust electronically file quarterly TDS statements
Applies...
Section 10(10A) of the Income Tax Act in India relates to the tax treatment of payments made in commutation...
Under Section 10(17A) of the Income Tax Act, any award or reward received by an individual in recognition...
The Income Tax Act, 1961 allows charitable and religious trusts to apply for belated registration under Section...
The Public Provident Fund (PPF) scheme is a very popular long-term savings scheme in India because of...
The Post Office has been a trusted place for depositing and transacting with money. This is especially...
SCSS is a savings product available for senior citizens aged 60 or above. On the date of opening an SCSS...
Section 206C of the Income Tax Act, 1961 mandates sellers to collect tax at source (TCS) from buyers...
This article delves into the legal framework surrounding cash seizure, the grounds on which authorities...
Section 281B of the Income Tax Act, 1961, deals with the Provisional Attachment of Property to Protect...
Section 132A empowers the Income Tax Department to requisition (take custody of) books of account, documents,...