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...
Under Section 234C of the Income Tax Act, taxpayers are generally required to pay advance tax in instalments....
Purpose:
This section provides a full tax exemption on income earned by scientific research associations that...
The taxpayer has to communicate the details of his taxable income/loss to the Income tax Department.
These...
1. Understanding of Section 80-IBA
Section 80-IBA of the Income Tax Act, 1961, provides a deduction...
Section 10(23BBG) of the Income Tax Act provides a full tax exemption for the income of the Central Electricity...
Section 194LBA of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on specific income...
(A) Providing Tax Relief
A.1 Substantial relief is proposed under the new tax regime with new slabs and...
Leave encashment refers to the practice of converting accumulated leave into cash. Many organizations...
Section 194T, introduced by the Finance (No. 2) Bill, 2024, is effective from April 1, 2025. This section...
Here’s a detailed explanation of the Procedure for Imposing Penalty under Section 274 of the Income Tax...
Under the Income Tax Act, 1961, the Commissioner of Income Tax (Exemption) [CIT(E)] has the authority...
Section 67 of the Central Goods and Services Tax (CGST) Act, 2017 deals with the inspection, search,...
Section 10(2) of the Income Tax Act, 1961, provides a tax exemption for sums received by a member of...
A. Purpose of CRS and FATCA
In this globalized economy, tax transparency and compliance has become paramount...
The term “actual cost” in the context of asset acquisition plays a pivotal role in income...
S.O. 614(E).-In exercise of the powers conferred by sub-section (2) of section 168 of Finance Act, 2016...
Section 158AA of the Income Tax Act, 1961 (inserted via Finance Act, 2015) provides a mechanism to prevent...
The Government of India’s Department of Posts, Ministry of Communications, offers fixed deposit accounts...
Every person shall quote his permanent account number in all documents pertaining to the transactions...