The Budget 2025 has introduced enhanced threshold limits for TDS, ensuring that smaller transactions...
1. Enabling the Commissioner (Appeals) to levy Penalty under Section 271AAB. 271AAC and 271AAD of the...
Section 10(10D) provides tax exemption on amounts received from a life insurance policy, including:
Maturity...
Gratuity is a significant part of an employee’s remuneration package. It is a payment made by an employer...
1. Introduction to Loss Carry Forward
When losses cannot be fully adjusted in the same financial year,...
Section 10(23AAA) of the Income Tax Act provides an exemption for income received by any person on behalf...
Understanding of Section 80P
Section 80P of the Income Tax Act, 1961 provides a deduction in respect...
An approved research association refers to an organization that is primarily engaged in scientific research....
1. Rationalization of provisions of TDS on sale of immovable property [Section 194-IA amended w.e.f....
1. Overview
Introduced: Finance Act 2021 (effective from 1st July 2021).
Purpose: Imposes higher Tax...
Section 268 of the Income Tax Act, 1961 provides a relief mechanism for taxpayers and the tax department...
Term life insurance, also known as pure life insurance, is a type of life insurance that guarantees payment...
S.O. 614(E).-In exercise of the powers conferred by sub-section (2) of section 168 of Finance Act, 2016...
The Equalisation Levy in India, governed by Chapter VIII of the Finance Act, 2016, imposes a tax on certain...
Here’s a structured summary of the key amendments related to deduction on remuneration paid to partners introduced...
Applicable to: Indian Resident Individuals (Inventors/Patent Holders)
This section provides tax relief...
S.O. 1905(E) – In exercise of the powers conferred by sub-section (1) and sub-section (2) of section...
1. Legal Definition
Primary Responsibility: The person legally obligated to deduct TCS/TDS under the...
As already discussed, motor car/other vehicles, provided by the employer, is a perquisite only for specified...
Applicable to: All businesses (except freelancers)*
This section provides 30-60% additional wage cost...