Agricultural income holds a special position in India’s taxation system, with specific exemptions...
Agricultural income and its tax treatment in India fall under Section 10(1) of the Income Tax Act, 1961....
1. Section 80-IAC: Deduction in respect of Eligible Business or Eligible Start Up
Understanding of Section...
Section 264A of the Income Tax Act, 1961, introduced by the Taxation Laws (Relaxation and Amendment)...
1. Overview
Applicability: Mandates sellersto collect Tax at Source (TCS) on receipt of sale consideration from...
Section 10(23F) of the Income Tax Act provided a tax exemption for dividends and long-term capital gains...
Section 10(14) provides exemptions for certain special allowances granted to employees for specific purposes....
Section 80G of the Income Tax Act, 1961 provides provisions for claiming deductions on donations made...
Section 234C of the Income Tax Act, 1961 imposes interest for deferring advance tax payments beyond the...
Section 44AB of the Income Tax Act, 1961 mandates a compulsory tax audit for businesses and professionals...
Income tax laws can be complex and confusing, especially when it comes to understanding the various exemptions...
1. Basic Concepts
Firm: Partnership firm registered under Partnership Act, 1932
LLP: Limited Liability...
The introduction of Section 128A in the Central Goods and Services Tax (CGST) Act, 2017, by the Finance...
While the income from other sources is taxable, there are certain amounts that are not deductible while...
Under Section 139(4B) of the Income Tax Act, 1961, political parties in India are mandatorily required to...
1. What is Section 282A?
Section 282A mandates proper authentication of all income tax notices, orders,...
as per Part “C” of Schedule II of the Companies Act, 2013 after making following assumptions:
The...
Perquisites under Section 17(2) of the Income Tax Act, 1961, are additional benefits or amenities provided...
Section 194M of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on certain payments made...
Applicable to: Individuals (Salaried & Self-Employed)
This section provides tax benefits for contributions...