Section 198 of the Income Tax Act, 1961 establishes a fundamental principle that any tax deducted at...
The transformation of a Partnership Firm or a Proprietorship Firm into a Private Limited Company is a...
1. Legal Definition (Section 2(14))
A capital asset means:
Property of any kind held by an assessee...
Purpose:
This section provides a tax exemption on payments received as awards, rewards, or prizes from:
Central/State...
Section 9 of the Income Tax Act, 1961 is an important provision that deals with the taxation of income...
National Pension System (NPS) is a retirement benefit Scheme introduced by the Government of India to...
Section 194 of the Income Tax Act, 1961, governs Tax Deducted at Source (TDS) on dividend payments made...
The term “actual cost” in the context of asset acquisition plays a pivotal role in income...
Under the Employees’ Provident Fund (EPF) scheme, employers are required to contribute to a Recognised...
Section 10(44) of the Income Tax Act, 1961 provides for exemption from income tax in India in respect...
Understanding of Section 80P
Section 80P of the Income Tax Act, 1961 provides a deduction in respect...
1. Mandatory E-Filing Requirement
All tax deductorsmust electronically file quarterly TDS statements
Applies...
Section 10(10C) of the Income Tax Act provides tax exemption on compensation received by an employee...
1. Provisions of Section 79 not to apply In case of Strategic Disinvestment of Public Sector Companies...
Unrealised rent refers to rental income that is due but not received from a tenant. The Income Tax Act,...
Section 10(6BB) of the Income Tax Act, 1961 provides a tax exemption to foreign governments or foreign...
Section 194EE of the Income Tax Act, 1961, mandates Tax Deducted at Source (TDS) on withdrawals from...
1. Core Principle (Tax Credit Mechanism)
Shield for Taxpayers: When tax has been duly deducted at source...
Section 10(23EA) of the Income Tax Act provides a tax exemption for income received by an Investor Protection...
Under the Income Tax Act, 1961, the Commissioner of Income Tax (Exemption) [CIT(E)] has the authority...