Section 30 to 35 covers the following expenses Allowed as Deduction while computing Profits and Gains...
1. Computation of Income under the head Income from “Salaries”
The first head of income is...
Amendment of section 5.
147. In the Integrated Goods and Services Tax Act, 2017 (13 of 2017.) (hereinafter...
S.O. 614(E).-In exercise of the powers conferred by sub-section (2) of section 168 of Finance Act, 2016...
Section 9 of the Income Tax Act, 1961 is an important provision that deals with the taxation of income...
The term “actual cost” in the context of asset acquisition plays a pivotal role in income...
1. Scope of Total Income / Incidence of Tax [Section 5]
Total income of an assessee cannot be computed...
Retirement benefits such as pension, gratuity, provident fund, and leave encashment are taxed differently...
Agricultural income holds a special position in India’s taxation system, with specific exemptions...
To simplify tax compliance and enhance the ease of doing business, the Finance Act has proposed significant...
Section 234A(4) of the Income Tax Act, 1961, deals with the adjustment of interest when there is a subsequent revision,...
Section 191 provides for situations where tax is not deducted at source (TDS) as required under other...
1. Perquisites [(Section 17(2)]-Definition
Section 17(2) of the Income-tax Act, 1961 gives an inclusive...
A Hindu Undivided Family (HUF) is a unique entity recognized by the Indian tax system. It is a family...
Notification No. 02/2025 [F. No. 275/110/2024-IT(B)] Dated 2nd January, 2025
MINISTRY OF FINANCE
(Department...
Section 10(6B) of the Income Tax Act, 1961, provides a tax exemption to non-residents (including foreign...
Introduced by the Finance Act, 2023, these provisions impose a “Ceasing Tax” on charitable/religious...
1. Legal Basis
Section 206C(3): Mandates deposit of Tax Collected at Source (TCS)to the Central Government...
1. Legal Requirement
Section 206C(5): Mandates that every seller/collectormust issue a TCS certificate...
Section 10(22B) of the Income Tax Act, 1961, exempts the income of a specified news agency from tax....