Section 10(44) of the Income Tax Act, 1961 provides for exemption from income tax in India in respect...
Under the Income Tax Act, 1961, the following business/profession expenses are expressly allowed as deductions...
Section 10(4D) of the Income Tax Act, 1961 in India provides an exemption for certain income earned by...
When it comes to investing in mutual funds, it is important to understand the various tax implications....
Here’s a detailed explanation of Section 173 (Penalty Not to Be Imposed in Certain Cases) under the Equalisation...
This section provides tax exemptions on certain types of interest income earned from specified bonds,...
Here’s a detailed breakdown of Section 271AAD of the Income Tax Act, 1961, which imposes penalties for...
Indian Strategic Petroleum Reserves Limited (ISPRL) plays a crucial role in ensuring the energy security...
Section 10(10C) of the Income Tax Act provides tax exemption on compensation received by an employee...
1. Legal Basis
Section 206C(3): Mandates deposit of Tax Collected at Source (TCS)to the Central Government...
INTRODUCTION-
The Goods and Services Tax (GST) is a comprehensive and multi-stage tax system that aims...
As per Part “C” of Schedule II of the Companies Act, 2013 after making following assumptions:
The...
Here’s a detailed explanation of the penalty for failure to furnish the Equalisation Levy (EL)...
The Income Tax Act, 1961 provides detailed provisions under Sections 70 to 80 for setting off and carrying...
1. Legal Definition
Primary Responsibility: The person legally obligated to deduct TCS/TDS under the...
Income chargeable under the head “Income from house property” shall be computed after making...
1. Definition of “Person” under Section 2(31)
Section 2(31) of the Income Tax Act, 1961...
Applicable to: Individual authors/researchers (Indian residents)
This section provides tax relief on royalty...
Section 43CB of the Income Tax Act, 1961 standardizes the computation of income from construction contracts and service...
Applicable to: Individuals & HUFs
This section provides tax relief for expenses incurred on the care...