Long-term capital gain arising on the transfer of any capital asset being land or building or both is...
A format to compute the capital gain is given below:
Computation of Short-term Capital Gains
Full...
1. Provisions of Section 79 not to apply In case of Strategic Disinvestment of Public Sector Companies...
The Finance (No. 2) Bill, 2024, introduces significant amendments to the Central Goods and Services Tax...
1. Legal Basis
Section 206C(6A)empowers tax authorities to impose penalties under Section 221 on sellers...
Section 192 mandates employers to deduct Tax Deducted at Source (TDS) from employees’ salaries...
Section 140A mandates taxpayers to self-assess their income, calculate tax liability, and pay any outstanding...
Section 10(48) of the Income Tax Act provides an exemption in respect of income received by certain foreign...
Section 10(4G) of the Income Tax Act, 1961 in India provides an exemption for certain income earned by...
Section 285B of the Income Tax Act, 1961, mandates producers of cinematograph films and persons engaged...
A recognized provident fund is a retirement savings scheme that is approved by the government. It is...
PARTICULARS
AMOUNT (₹)
REMARKS
Gross Receipts (Sales/Fees)
XXX
Total business income
Less: Cost...
Section 10(12B) of the Income Tax Act, 1961 provides tax exemption to partial withdrawals from the National...
Section 194T, introduced by the Finance (No. 2) Bill, 2024, is effective from April 1, 2025. This section...
Section 10(10B) of the Income Tax Act, 1961 provides important tax relief for workmen who receive compensation...
Here’s a detailed explanation of tax relief under Section 89(1) read with Rule 21A of the Income Tax...
The treatment of vouchers under GST has been a subject of debate due to their unique nature. This article...
Under Explanation 1(iii) to Section 115JB(2), companies can deduct the lower of:
Brought forward losses(as...
Section 80C of the Income Tax Act allows individuals to claim deductions on certain investments and expenses,...
Under the Income Tax Act, 1961, the right to claim a refund depends on who has paid the excess tax and...