Section 37 of the Income Tax Act, 1961 serves as a residuary clause for the deduction of business and professional expenses that are not specifically […]
Income Tax Act
Income Tax Act 1961 Overview: Understanding Direct Tax Laws and Income Heads
The Income Tax Act, 1961 serves as the primary legal statute that governs the administration, levy, collection, and enforcement of income tax in the country. […]
How to Calculate Capital Gains Tax under the Income-tax Act: A Practical Guide
Understanding capital gains is essential for every taxpayer, as these gains form a significant part of income computation whenever a capital asset is transferred. The […]
Income Tax Explained: Key Concepts Under the Income-tax Act, 1961
Understanding the foundational terms and structure under the Income-tax Act, 1961 is essential for taxpayers, professionals, and students alike. These terms not only define the […]
Taxability of Scholarship Income under Section 10(16) of the Income-tax Act
Scholarships play a vital role in ensuring access to education for students across different levels of learning. They provide financial support for tuition fees, accommodation, […]
Understanding Section 194S of Income Tax Act: TDS Deduction on Virtual Digital Asset Transfers
In recent years, the popularity of digital assets has surged across the globe, and India has emerged as one of the leading markets for such […]
Residential Status of a Company under Section 6(3) of Income Tax Act
The determination of a company’s residential status is a fundamental concept under the Income Tax Act as it dictates the extent of income subject to […]
Detailed Study of Clause 31 in Form 3CD: Tax Audit Compliance under the Income-tax Act, 1961
Under section 44AB of the Income-tax Act, 1961, businesses and professionals crossing the prescribed turnover or income limits are required to get their accounts audited. […]
Income Tax Act and Corpus Donation: Importance of Specific Direction for Exemption
Donations have been an integral part of human society for centuries, serving as a means of supporting those in need and promoting social good. The […]
Income Tax Slab Rates for Salaried & Business Taxpayers in FY 2023-24
Income tax is a mandatory charge levied by the Government of India on the income earned by individuals and various entities. The legal framework governing […]
Section 56(2)(x) of Income Tax Act: Applicability & Tax Rules
Section 56(2)(x) of the Income Tax Act, 1961, serves as a key anti-abuse provision aimed at curbing tax avoidance through receipt of money or property […]
Section 11 of Income Tax Act: Application of Income Rules for Charitable and Religious Trusts
Charitable trusts play a crucial role in supporting social, educational, medical, and religious causes across India. The Indian Income-tax Act, 1961 offers several tax exemptions […]
Understanding the Interplay Between Section 43B of the Income Tax Act and the MSME Act
Micro, Small, and Medium Enterprises (MSMEs) form the backbone of the Indian economy. This sector contributes significantly to India’s gross domestic product and plays a […]
Determining the Residential Status of a Company under the Income Tax Act
The residential status of a company for tax purposes is determined under Section 6(3) of the Income Tax Act. According to this section, the determination […]
Understanding the Scope and Implications of Section 2(22)(e) of the Income Tax Act
Section 2(22)(e) of the Indian Income Tax Act introduces the concept of deemed dividends, where certain transactions that do not appear to be traditional dividend […]