Here’s a detailed explanation of Section 170 (Interest on Delayed Payment of Equalisation Levy) under...
Provisions and Amendments Relating to “Goods and Service Tax (GST)” under Finance (No.2) Bill, 2024.
Note:
(a) CGST Act means Central Goods and Services Tax Act, 2017
(b) IGST Act means...
1. Basic Principle of Assessment
Clubbed income is assessed in the hands of the transferor (not the transferee)...
The following benefits are taxable for all employees, irrespective of their salary or designation. These...
Death-cum-Retirement Gratuity is an important financial benefit provided to employees in India. It is...
1. Scope of Total Income / Incidence of Tax [Section 5]
Total income of an assessee cannot be computed...
Introduced by the Finance Act, 2023, these provisions impose a “Ceasing Tax” on charitable/religious...
Section 10(6BB) of the Income Tax Act, 1961 provides a tax exemption to foreign governments or foreign...
Section 54EC of the Income Tax Act, 1961, provides tax exemption on long-term capital gains (LTCG) from...
1. Source of the funds or any other sum provided by the lender to the borrower and credited in hooks...
Section 10(23BBH) of the Income Tax Act provides a complete tax exemption for the income of Prasar Bharati...
Section 195A of the Income Tax Act, 1961, governs scenarios where the payer agrees to bear the tax liability on...
Section 139(4) of the Income Tax Act, 1961, allows taxpayers to file a belated return if they miss the...
Notification No. 10/2025 [F. No. 370142/26/2024-TPL] Dated 27th January, 2025
MINISTRY OF FINANCE
(Department...
Under Section 23(2) to (4) of the Income Tax Act, 1961, a self-occupied residential property (SOP) is...
1. Who is Exempt?
Resident Individuals aged 60 years or above(Senior Citizens).
Condition: Must not...
Under the Income Tax Rules/ Act, certain taxpayers are required to get their accounts audited and submit...
In the realm of tax enforcement, the power of inspection, search, and seizure plays a pivotal role in...
The Income Tax Bill 2025 will come into effect from April 1, 2026, after it is vetted by a Select Committee...
Section 192 mandates employers to deduct Tax Deducted at Source (TDS) from employees’ salaries...