Section 10(13) of the Income Tax Act, 1961 provides tax exemptions on payments received from an approved...
(A) In the case of every Individual or Hindu Undivided Family (HUF)
(A1) If the individual...
Applicable to: Banks/Financial Institutions operating in IFSCs (e.g., GIFT City)
This section provides 100%...
Purpose:
This section provides a full tax exemption on any scholarship granted to meet educational expenses,...
Section 16 allows three key deductions from gross salary income before computing taxable salary. These...
1. Covered Entities (Section 10(23C))
The following enjoy 100% tax exemption on their income:
Funds/institutions...
The commuted value of pension refers to the lump sum amount received by an employee in lieu of a portion...
Section 194B of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on winnings from games...
Section 72A of the Income Tax Act, 1961, provides exceptional relief for companies undergoing restructuring...
Section 194T, introduced by the Finance (No. 2) Bill, 2024, is effective from April 1, 2025. This section...
Section 10(12B) of the Income Tax Act, 1961 provides tax exemptions on partial withdrawals from the National...
Section 10(23BBF) of the Income Tax Act provides a phased tax exemption for the North-Eastern Development...
Charitable and religious trusts or institutions registered under the Income Tax Act, 1961, are generally...
1. Dividend Declaration vs. Retained Earnings
Dividends:
Taxable in shareholders’ hands (10%...
When it comes to investing in mutual funds, it is important to understand the various tax implications....
Certain professionals and government employees receive special allowances that are fully or partially...
Under Section 139(4D) of the Income Tax Act, 1961, research institutions engaged in scientific, social,...
1. Legal Requirement
Section 206C(5): Mandates that every seller/collectormust issue a TCS certificate...
Section 10(16) of the Income Tax Act, 1961 provides exemption from income tax for scholarships granted...
(1) Introduction to Section-71 (Inter-Head Adjustment)
Under the Indian Income Tax Act, 1961, taxpayers...