An Electoral Trust is a unique entity that plays a crucial role in the political funding of political...
Here’s a detailed breakdown of Section 271AAD of the Income Tax Act, 1961, which imposes penalties for...
Rule 12 of the Income Tax Rules, 1962, prescribes the forms, conditions, and procedures for filing income...
Section 194LB of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on interest payments...
Under Section 10(4D) of the Income Tax Act, a specified fund is eligible for certain exemptions on its...
The Central Board of Direct Taxes (CBDT) has issued Notification No. 2 of 2024, which addresses the time...
The Goods and Services Tax (GST), a comprehensive indirect tax system, has been a transformative step...
Section 115JH of the Income Tax Act, 1961, provides transitional and computational rules for foreign...
1. [Section 56(2)]: List of Incomes included under ‘Income from Other Sources’
There are many incomes...
Section 54G of the Income Tax Act, 1961, provides tax exemption on capital gains arising from the transfer...
SCSS is a savings product available for senior citizens aged 60 or above. On the date of opening an SCSS...
Section 10(46) of the Income Tax Act, 1961 provides for exemption from income tax of the specified income...
Section 10(23BBE) of the Income Tax Act provides a complete tax exemption for the income of the Insurance...
Under the Income Tax Rules/ Act, certain taxpayers are required to get their accounts audited and submit...
Section 17(3) defines “profits in lieu of salary” as payments received by an employee in...
A. Legislative Changes in Customs Laws
A.1 Amendments in the Customs Act, 1962
(i) Section 28 DA is being...
1. Definition & Applicability
Entertainment Allowance is a special allowance given to employees to...
Objective: To discourage large cash transactions and promote digital payments.
1. Key Provisions of Section...
Under the Goods and Services Tax (GST) regime in India, certain banking-related services are either exempt...
1. Applicability
Section 56(2)(ii) covers rental income from:
Machinery
Plant(equipment, tools, vehicles)
Furniture
when not...