A. Changes in Basic Customs Duty (to be effective from 24.07.2024)
S. No.
Chapter, Heading, sub-...
Section 242 of the Income Tax Act, 1961, clarifies that a refund claim cannot be used to challenge the...
Explanation (iv) to Section 48 of the Income Tax Act, 1961, governs the indexation of improvement costs for...
The provisions relating to Direct Taxes for the Financial Year 2025-26 in India include several key changes...
Under Section 249 of the Income Tax Act, 1961, along with Rules 45 and 46 of the Income Tax Rules, the...
1. Legal Definitions
A. “Seller” (Section 206C(1))
Who is a Seller?
Any person/entity(individual,...
Revocation of Cancellation of Registration under GST is a process that allows a taxpayer to restore their...
Income chargeable under the head “Income from house property” shall be computed after making...
Under the Income Tax Act, 1961, the right to claim a refund depends on who has paid the excess tax and...
Under the Employees’ Provident Fund (EPF) scheme, employers are required to contribute to a Recognised...
1. Definition of ‘Transfer’ [Section 2(47)]
A transfer includes:
Sale, exchange, or relinquishment
Compulsory...
Income tax laws in India provide various deductions and exemptions to taxpayers, helping them reduce...
Following goods are being exempted from levy of Social Welfare Surcharge
S. No.
Description
1.
Natural...
Here’s a structured overview of Collection of Tax at Lower Rate under Section 206C(9), (10), (11)...
Under Section 139(4B) of the Income Tax Act, 1961, political parties in India are mandatorily required to...
Here’s a detailed analysis of Section 271J of the Income Tax Act, 1961, which imposes penalties...
An approved research association refers to an organization that is primarily engaged in scientific research....
Section 10(23DA) of the Income Tax Act provides a tax exemption for income earned by a securitisation...
Under Section 246A of the Income Tax Act, 1961, taxpayers can file an appeal before the Commissioner...
The Finance (No. 2) Bill, 2024, has introduced several significant amendments to the capital gains tax...