The “Full Value of Consideration” (FVC) is the total amount received or receivable when a...
Amendment of section 5.
147. In the Integrated Goods and Services Tax Act, 2017 (13 of 2017.) (hereinafter...
Introduction-
The CBIC vide Notification No. 04/2024 – Central Tax dated January 05, 2024, notified the...
Tax on Non-Agricultural Income with partial Agricultural Income
As already discussed, there is no tax...
Section 10(6BB) of the Income Tax Act, 1961 provides a tax exemption to foreign governments or foreign...
Section 10(10D) of the Income Tax Act deals with the tax treatment of the sum assured received from a...
Under Section 10(2) of the Income Tax Act, 1961, the sum received by a member from a Hindu Undivided...
Section 206C of the Income Tax Act, 1961 mandates sellers to collect tax at source (TCS) from buyers...
Section 115BBE of the Income Tax Act, 1961 imposes a flat 60% tax rate (plus 25% surcharge and 4% cess,...
Income tax laws can be complex and confusing, especially when it comes to understanding the various exemptions...
The Goods and Services Tax (GST), a comprehensive indirect tax system, has been a transformative step...
1. Covered Entities (Section 10(23C))
The following enjoy 100% tax exemption on their income:
Funds/institutions...
Trade unions play a crucial role in protecting the rights and interests of workers. They negotiate with...
(A) Valuation of Perquisites: Sweeper, Gardener, Watchman, or Personal Attendant [Rule 3(3)]
Under Rule...
Section 68 is a critical anti-evasion provision that targets unexplained sums credited in a taxpayer’s...
Section 18 of the Central Goods and Services Tax (CGST) Act, 2017, deals with the availability and eligibility...
Permanent Account Number (PAN) is a unique ten-digit alphanumeric code issued by the Income Tax Department...
Section 10(22B) of the Income Tax Act, 1961, exempts the income of a specified news agency from tax....
Section 22 of the Income Tax Act, 1961, defines when and how income from house property becomes taxable.
1....
To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting...