Section 10(23BBC) of the Income Tax Act provides a tax exemption for the income of the SAARC Fund for...
Business trusts have gained popularity in recent years as a unique investment vehicle. They offer investors...
Under Section 139C of the Income Tax Act, 1961, the Central Board of Direct Taxes (CBDT) has the authority...
Key Rule:
Section 61 (taxation of revocable transfers) does NOT applyif the transfer is irrevocable...
Under the Income Tax Act, 1961, the right to claim a refund depends on who has paid the excess tax and...
Section 10(10D) provides tax exemption on amounts received from a life insurance policy, including:
Maturity...
Section 17(3) defines “profits in lieu of salary” as payments received by an employee in...
The following benefits are taxable for all employees, irrespective of their salary or designation. These...
1. Key Features of Section 69B
Objective: Targets underreported investmentswhere actual expenditure...
Basic Rule
Under Section 64(1A), all income of a minor child (below 18 years) is automatically clubbed with...
A survey under Section 133A of the Income Tax Act, 1961 is a legal procedure allowing income-tax authorities...
The Supreme Court of India’s decision in the case of Chief Commissioner of Central Goods and Services...
Section 45(3) of the Indian Income Tax Act, 1961, deals with the taxation of capital gains arising from...
1. Core Principle (Tax Credit Mechanism)
Shield for Taxpayers: When tax has been duly deducted at source...
Concept:
Section 61states that if an asset is transferred in a revocable manner, any income from that...
Overview of Section 112
Section 112 of the Income Tax Act, 1961 governs the taxation of long-term capital...
Section 10(10D) of the Income Tax Act, 1961, provides tax exemption on the sum received under a life...
Political parties play a crucial role in any democratic society. They serve as the voice of the people,...
Section 115BAC of the Income Tax Act, 1961, introduces a simplified tax regime with lower slab rates...
A Hindu Undivided Family (HUF) is a unique entity recognized by the Indian tax system. It is a family...