Section 201(1A) of the Income Tax Act, 1961, imposes interest on a deductor (employer, company, etc.)...
Section 10(10C) of the Income Tax Act provides tax exemption on compensation received by an employee...
Section 28 of the Income Tax Act, 1961 defines the incomes chargeable under the head “Profits and...
Purpose:
This section provides a tax exemption on payments received as awards, rewards, or prizes from:
Central/State...
The Central Board of Indirect Taxes and Customs (CBIC) has released Notification No. 12/2024–Central...
Goods and Services Tax (GST) in India is a comprehensive, multi-stage, destination-based tax that is...
Understanding the intricacies of advance tax and self-assessment tax is crucial for both compliance and...
Purpose:
This section provides a 100% tax exemption to foreign companies on income earned from leasing cruise...
The Companies Act, 2013 outlines various penalties and offences that can be imposed on companies and...
Income arising to a shareholder on account of Buy Back of Shares is governed by Section 10(34A) of the...
Section 10(23FC) of the Income Tax Act provides a tax exemption for specific types of income earned by...
Learn How Total Income Under Income Tax Act Is Calculated For The 1961 Law. Discover The 5 Heads Of Income,...
INTRODUCTION-
In the realm of Goods and Services Tax (GST), credit and Debit notes play a pivotal role...
1. Core Rule (Strict Liability)
No PAN = Higher TDS/TCS:
TDS rate: 20%(instead of normal rate)
TCS...
Section 44AD provides a presumptive taxation scheme for small businesses, allowing them to declare income...
Provident Fund Scheme is a welfare scheme for the benefit of the employees. Under this scheme, certain...
Here’s a detailed breakdown of Penalty under Section 271DA of the Income Tax Act, 1961, for failure to...
1. Key Features of Section 69C
Objective: Targets unexplained expenseswhere the assessee cannot prove...
1. Understanding of Section 80-IBA
Section 80-IBA of the Income Tax Act, 1961, provides a deduction...
Section 44ADA of the Income Tax Act, 1961 provides a simplified presumptive taxation scheme for eligible...