Section 37 of the Income Tax Act, 1961 serves as a residuary provision under the head “Profits and Gains of Business or Profession” (PGBP). It […]
Income Tax Act
Reassessment Under TOLA and Income Tax Act: Legal Perspectives
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, commonly referred to as TOLA, was introduced to provide relief in compliance […]
Understanding Taxation of Fees for Technical Services Under the Income Tax Act
Section 9(1) of the Income-tax Act enumerates incomes deemed to accrue or arise in India, and clause (vii) deals specifically with fees for technical services. […]
Income Exemptions for Charitable Trusts under Section 11 of the Income-Tax Act
Sections 11 to 13 of the Income-tax Act form the backbone of the taxation framework applicable to trusts and institutions registered under section 12AA or […]
Key Definitions in the Income Tax Act: Explained
The term ‘liable to tax’ was introduced by the Finance Act, 2021, and holds significance especially in the context of determining tax residency and the […]
Tax Benefits for Senior and Super Senior Citizens in India
India’s Income Tax Act provides special relaxations to senior and super senior citizens to ease their compliance burden and reduce financial strain during retirement years. […]
Fundamentals of Income Taxation Under the Income Tax Act, 1961
The assessment year is the twelve months beginning on April 1 of a given year and ending on March 31 of the following year. For […]
Understanding Capital Assets Under Section 2(14) of the Income Tax Act
Section 45 of the Indian Income Tax Act is a key provision dealing with the taxation of capital gains arising from the transfer of capital […]
A Comprehensive Review of Section 37 of the Income Tax Act, 1961
Section 37 of the Income Tax Act, 1961 serves as a residuary provision for allowing deductions that do not fall under Sections 30 to 36. […]
Understanding Section 56(2)(x): Tax Implications on Gifts and Transfers
Section 56(2)(x) of the Income Tax Act is applicable when any person receives any sum of money or property, whether movable or immovable, without adequate […]