Section 154 of the Income Tax Act, 1961, allows the Assessing Officer (AO), Commissioner (Appeals), or...
Section 142B of the Income Tax Act, 1961 empowers the Central Government to make schemes for faceless...
Introduction
Agricultural land is a significant asset in India, providing employment to many people and...
The Finance Bill 2025, presented by Finance Minister Nirmala Sitharaman as part of the Union Budget 2025-26,...
Sovereign Gold Bonds (SGBs) are government securities denominated in grams of gold. They are substitutes...
Ministry of Finance
GOVERNMENT MAKES NEW TAX REGIME MORE ATTRACTIVE
STANDARD REDUCTION INCREASED FROM...
Applicable to: Individuals & HUFs (for self or dependent relatives)
This section provides tax relief...
The treatment of vouchers under GST has been a subject of debate due to their unique nature. This article...
Section 132B governs how assets seized under Section 132 or requisitioned under Section 132A are to be utilized,...
Notification No. 02/2025 [F. No. 275/110/2024-IT(B)] Dated 2nd 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...
Section 54GA of the Income Tax Act, 1961, provides tax exemption on capital gains when a business relocates...
1. Basic Concepts
AOP (Association of Persons): Group formed for common purpose (business/profession)
BOI...
1. Core Rule (Strict Liability)
No PAN = Higher TDS/TCS:
TDS rate: 20%(instead of normal rate)
TCS...
Section 10(23BBA) of the Income Tax Act provides a tax exemption for the income of any body or authority...
Under the Explanation to section 288(2), an “accountant” means a chartered accountant within...
Section 56(1) serves as the residual head of income, capturing all taxable income that does not fall...
Employee Stock Option Plan (ESOP) has gained popularity as a tool for employee retention, especially...
Here’s a detailed breakdown of the valuation of motor car perquisites under Rule 3(2) of the Income Tax...
HRA (House Rent Allowance) is a salary component that helps employees cover rental expenses. Under Section...