Under Section 17(2) of the Income Tax Act, 1961, certain perquisites are taxable only for “specified...
Assessment of Charitable Organizations When Commercial Receipts Exceed 20% Threshold [Section 13(8)]
1. Key Provision (Section 13(8))
Introduced by Finance Act 2022(Effective AY 2023-24)
Applies whena...
1. Definition of “Person” under Section 2(31)
Section 2(31) of the Income Tax Act, 1961...
Section 194LBB of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on income distributed...
1. Dividend Declaration vs. Retained Earnings
Dividends:
Taxable in shareholders’ hands (10%...
Section 80TTA of the Income Tax Act, 1961 provides for a deduction in respect of interest on deposits...
Applicable to: Individuals & HUFs
This section provides tax benefits for health-related expenditures,...
According to Section 10(7), allowances or perquisites received by an employee outside of India for rendering...
1. Legal Status of Default
Deductor becomes “Assessee in Default”for:
Failure to deduct...
If you missed the deadline to claim a tax refund, you may still file a delayed refund claim under specific...
Here’s a detailed analysis of the taxability of interest on compensation or enhanced compensation under...
Section 245 of the Income Tax Act, 1961 allows the Income Tax Department to adjust (set off) a taxpayer’s refund...
Discover All Revised TDS Threshold Limits FY 2025-26. Learn About New Section 194T, Doubled Senior Citizen...
Section 10(23BBF) of the Income Tax Act provides a phased tax exemption for the North-Eastern Development...
The Central Board of Direct Taxes (CBDT) has issued Notification No. 2 of 2024, which addresses the time...
Section 55(2) of the Income Tax Act, 1961, provides crucial rules for determining the cost of acquisition of...
1. Legal Basis
Proviso to Section 206C(3): Requires sellers/collectorsto submit a statement of TCS collected...
Voluntary Retirement Scheme (VRS) is a mechanism used by companies to reduce their workforce by offering...
Section 140 of the Income Tax Act, 1961 specifies who must verify the return of income and the authorized...
Under the Income Tax Act, 1961, certain transactions or scenarios are treated as “deemed profits” and...