INTRODUCTION-
The Goods and Services Tax (GST) is a comprehensive and multi-stage tax system that aims...
Kisan Vikas Patra is a certificate scheme from the Indian post office. It doubles a one-time investment...
Applicable to: Salaried (without HRA) & Self-Employed Individuals
This section provides tax relief...
1. Legal Basis for TDS Certificates
Section 203of the Income Tax Act, 1961 mandates that every deductor must...
The Income Tax Appellate Tribunal (ITAT) derives its adjudicatory powers from Section 254 of the Income...
1. Basic Concepts
AOP (Association of Persons): Group formed for common purpose (business/profession)
BOI...
Order No. [F. No. 225/235/2024/ITA-II] Dated 31st January, 2025
MINISTRY OF FINANCE
(Department of Revenue)
Order...
Under the Income Tax Act, 1961, the right to claim a refund depends on who has paid the excess tax and...
Applicable to: Individuals & HUFs
Section 80C is one of the most popular tax-saving sections, allowing...
Section 143(1) of the Income Tax Act, 1961 governs the automated processing of income tax returns by...
The Goods and Services Tax (GST) Act, 2017, has laid down comprehensive guidelines for recovery proceedings...
A format to compute the capital gain is given below:
Computation of Short-term Capital Gains
Full...
Here’s a detailed explanation of Section 40(a)(ib) of the Income Tax Act, 1961, which deals with...
1. Introduction to Section 70 –
The Indian Income Tax Act, 1961, provides various provisions for...
Any profits or gains arising from the transfer of a capital asset effected in the previous year, shall...
Under Section 10(4D) of the Income Tax Act, a specified fund is eligible for certain exemptions on its...
Applicable to: First-time homebuyers of affordable housing
This section provides an enhanced tax benefit for...
Income referred to in Section 68, 69A, 69B, 69C and 69D which are undisclosed income and Investments...
Purpose:
This section provides a tax exemption on payments received as awards, rewards, or prizes from:
Central/State...
1. Firm to be Assessed as Firm
Essential conditions prescribed under section 184 of the Income-tax Act,...