Every person shall quote his permanent account number in all documents pertaining to the transactions...
Section 206CC of the Income Tax Act, 1961 mandates a higher Tax Collected at Source (TCS) rate if the...
Understanding Section 10(8)
Section 10(8) provides tax exemption for income received by:
Foreign technicians/experts
Employees...
1. Who is Exempt?
Resident Individuals aged 60 years or above(Senior Citizens).
Condition: Must not...
Here’s a detailed table summarizing the tax treatment of Provident Fund (PF) contributions, interest,...
Section 10(10AA) of the Income Tax Act, 1961 provides important tax exemptions for leave encashment (also...
Key Rule:
Section 61 (taxation of revocable transfers) does NOT applyif the transfer is irrevocable...
1. Definition of “Person” under Section 2(31)
Section 2(31) of the Income Tax Act, 1961...
Section 10(23FC) of the Income Tax Act provides a tax exemption for specific types of income earned by...
The Income Tax Act, 1961, provides specific cases where TDS is not required to be deducted, even if the...
Tax on distributed income of domestic company for buy-back of shares
Special provisions relating to tax...
Section 54D of the Income Tax Act, 1961, provides tax exemption on capital gains arising from the compulsory...
Under Section 237 of the Income Tax Act, 1961, the following persons are entitled to claim a refund of...
The Income Tax Appellate Tribunal (ITAT) is the final fact-finding authority under the Income Tax Act,...
Understanding Section 10(10A)
Section 10(10A) provides tax exemption for commuted pension amounts received...
The “Full Value of Consideration” (FVC) is the total amount received or receivable when a...
Basic Rule
Under Section 64(1A), all income of a minor child (below 18 years) is automatically clubbed with...
What is PAN?
Permanent Account Number (PAN) is a unique ten-digit alphanumeric identifier issued by...
Here’s a detailed explanation of Section 269T of the Income Tax Act, 1961, which governs the mode of...
Purpose:
This section provides tax exemption to professional associations (like medical councils, bar...