Section 10(23FBC) of the Income Tax Act provides a tax exemption for income earned by a unit holder from...
1. Overview
Introduced: Finance Act 2021 (effective from 1st July 2021) .
Purpose: Encourage tax compliance...
According to Section 10(7), allowances or perquisites received by an employee outside of India for rendering...
Section 115F of the Income Tax Act, 1961, provides a tax exemption to Non-Resident Indians (NRIs) on long-term...
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi,...
1. Basic Framework
Companies are taxed on their total incomecomputed under the Income Tax Act, 1961.
Tax...
Section 10(23FE) of the Income Tax Act provides a tax exemption for certain types of income earned by...
The residential status of an individual is crucial for determining tax liability in India. It classifies...
Section 63 defines what constitutes a revocable transfer for the purposes of Section 61. It clarifies...
Section 139(5) of the Income Tax Act, 1961, allows taxpayers to correct errors or omissions in their...
Section 10(37) of the Income Tax Act, 1961 provides for the exemption of capital gains on compensation...
A Hindu Undivided Family (HUF) is a unique entity recognized by the Indian tax system. It is a family...
Under Section 139(4D) of the Income Tax Act, 1961, research institutions engaged in scientific, social,...
Section 234D of the Income Tax Act, 1961, mandates that taxpayers repay excess refunds received during...
Section 143(3) deals with the scrutiny assessment process in Indian income tax law. This assessment is...
Section 115BBE of the Income Tax Act, 1961 imposes a flat 60% tax rate (plus 25% surcharge and 4% cess,...
A Post Office Savings Account is one of the most popular and accessible savings accounts in India.
The...
Education is an essential aspect of personal and professional growth. However, pursuing higher education...
Sukanya Samriddhi Account is a Government of India backed saving scheme targeted at the parents of girl...
The Goods and Services Tax (GST) Act, 2017, has laid down comprehensive guidelines for recovery proceedings...