Section 292B of the Income Tax Act, 1961, protects income tax proceedings from being invalidated due...
Notification No. 03/2025 [F. No. 275/109/2024-IT(B)] Dated 2nd January, 2025
MINISTRY OF FINANCE
(Department...
Here’s a detailed analysis of Section 271J of the Income Tax Act, 1961, which imposes penalties...
Annual Value is the taxable value assigned to a property for calculating “Income from House Property”....
The Deduction and Collection of Tax at Source (TDS/TCS) provisions under the Income Tax Act, 1961 are...
1. Investment in Sukanya Samriddhi Yojana for Tax Saving for AY 2022-23 & 2023-24
Sukanya Samriddhi...
Section 194DA of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on payouts from life...
Section 281B of the Income Tax Act, 1961, deals with the Provisional Attachment of Property to Protect...
Section 139(5) of the Income Tax Act, 1961, allows taxpayers to correct errors or omissions in their...
Under Section 237 of the Income Tax Act, 1961, the following persons are entitled to claim a refund of...
The treatment of business income for a charitable or religious trust under the Income Tax Act, 1961 is...
Understanding Section 10(7)
Section 10(7) provides a complete tax exemption for:
Allowances
Perquisites
paid outside...
What is Assessment?
Assessment under the Income Tax Act, 1961 refers to the process by which the Income...
The Income Tax Appellate Tribunal (ITAT) is the second appellate authority under the Income Tax Act,...
To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting...
Section 57 of the Income Tax Act, 1961, permits specific deductions while computing taxable income under...
1. Legal Definitions
A. “Seller” (Section 206C(1))
Who is a Seller?
Any person/entity(individual,...
Section 10(12A) of the Income Tax Act, 1961 provides important tax benefits for withdrawals from the...
Section 194N of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on cash withdrawals exceeding...
Section 234E of the Income Tax Act, 1961, imposes a late filing fee for delays in submitting TDS (Tax...