Under the Income Tax Rules/ Act, certain taxpayers are required to get their accounts audited and submit...
Section 10(24) of the Income Tax Act provides a tax exemption for certain types of income earned by registered...
As already discussed, motor car/other vehicles, provided by the employer, is a perquisite only for specified...
1. Section 70: Inter-Source Adjustment – Set Off of Loss from one Source against Income from another...
When a property is partly self-occupied (SOP) and partly let out (LOP), the Income Tax Act treats it...
Overview of Section 112A
Section 112A of the Income Tax Act, 1961 governs the taxation of long-term capital...
Section 194A mandates Tax Deducted at Source (TDS) on interest payments (excluding interest on securities)...
1. Overview
Legal Provision: Allows TCS collectorsto file a correction statement to rectify errors in...
Here’s a detailed breakdown of the penalties for failure to deduct or pay Equalisation Levy (EL) under Section...
The Faceless Appeal Scheme, 2021, introduced via Notification No. 139/2021 dated 28th December 2021,...
1. Legal Requirement
Section 206C(5): Mandates that every seller/collectormust issue a TCS certificate...
Section 10(4) of the Income Tax Act, 1961 in India provides an exemption for certain types of interest...
Section 206CC of the Income Tax Act, 1961 mandates a higher Tax Collected at Source (TCS) rate if the...
1. Primary Responsibilities of Deductor
Tax Deduction at Source:
Must deduct correct % as per Income...
The provisions relating to Direct Taxes for the Financial Year 2025-26 in India include several key changes...
1. Overview of Section 58
Section 58 specifies expenses that cannot be deducted while computing taxable...
1. Rationalization of provisions of TDS on sale of immovable property [Section 194-IA amended w.e.f....
Here’s a structured table summarizing the penal provisions related to Tax Collected at Source (TCS) under Sections...
Section 92 of The Income Tax Act 1961, states that any income, expenditure interest & allocation...
Section 70 of the Income Tax Act, 1961, allows taxpayers to adjust losses from one source against income...