Section 194Q of the Income Tax Act introduced a new dimension to the mechanism of tax deduction at source by extending its applicability to certain […]
Income Tax Act
Income-tax Act Provisions for Tax-Free Scholarships Explained
Education has long been recognized as the foundation for personal growth, skill development, and socio-economic advancement. In India, scholarships are one of the most important […]
Complete Guide to Clause 16 of Form 3CD in Tax Audit Under the Income Tax Act, 1961
Tax audits under the Income Tax Act, 1961 serve as an essential mechanism to ensure the accuracy, transparency, and compliance of financial reporting. Businesses and […]
Key Principles for Claiming Provisions for Expenses Under the Income Tax Act, 1961
In accounting practice, the term provision refers to an amount allocated from profits or surpluses to meet a liability that is known but whose exact […]
Everything You Need to Know About Section 270A and Penalty on Under-Reported Income
Section 270A of the Income Tax Act provides a comprehensive legal framework for imposing penalties on taxpayers who have either under-reported or misreported their income. […]
Understanding Section 80JJAA Deductions for New Employment Generation
The Income Tax Act, 1961 contains detailed provisions for calculating taxable income. One of its important sections, Chapter VIA, specifies the deductions that can be […]
Understanding the Basics of Clubbing of Income under the Income Tax Act
Tax planning is a crucial aspect of managing personal finances, and taxpayers are always looking for legitimate ways to reduce their tax liability. One common […]
Understanding TDS Provisions: Sections 192 to 194DA of the Income Tax Act
The Income Tax Act has provisions to collect tax at the source of income to prevent tax evasion. This mechanism is known as Tax Deducted […]
TDS Rates under the Income Tax Act – A Complete Guide
Tax Deduction at Source, commonly known as TDS, is a mechanism under the Income Tax Act where the person responsible for making certain specified payments […]
Understanding Tax Residency Rules in India
Tax residence is a critical concept in the Indian Income Tax Act as it determines the scope of tax liability for an individual or entity. […]
Understanding Accumulated Profits and Their Legal Tangles
The term accumulated profits holds significant importance in the realm of taxation of dividends under the Income-tax Act, 1961. The fundamental basis for taxation of […]
Understanding the Income Tax Act 1961: Types and Heads of Income Explained
The Income Tax Act 1961 is the primary legislation in India that governs the levy, collection, administration, and recovery of income tax. It was enacted […]
A Complete Guide to Tax Audit and Form 3CD under Income Tax Act
Income tax law requires the assessee to get their books of accounts audited by a Chartered Accountant under the provisions of Section 44AB of the […]
Understanding Set-Off and Carry Forward of Losses Under Sections 70 to 80 of the Income Tax Act
Section 70 becomes applicable only when capital gains have been computed by the provisions contained in sections 45 to 55A. We allow for the set-off […]
Ultimate Tax Audit Checklist for Clause 18 of Form 3CD under Income Tax Act, 1961
Form 3CD is a critical annexure to the tax audit report prescribed under section 44AB of the Income Tax Act, 1961. It contains specific clauses […]