On March 1, 2024, the Central Board of Direct Taxes (CBDT) issued an important order addressing the processing of income tax returns (ITRs) electronically filed with refund claims under section 143(1) of the Income-tax Act, 1961, extending beyond the prescribed time limits in non-scrutiny cases....
In the realm of income tax regulations in India, salaried individuals have access to various exemptions, extending beyond conventional deductions like premiums for Life Insurance Corporation (LIC) and interest on housing loans....
Taxation of stipend income remains a topic of considerable discussion within the realm of income taxation. Despite the absence of a specific mention of 'stipend' in the Income Tax Act, the Act does encompass various forms of remuneration, including wages, pension, gratuity, fees, commission, and...
In the realm of employment, various components beyond basic salaries contribute to an employee's take-home pay. One such critical component is Dearness Allowance (DA), particularly prevalent in the public sector....
Advance tax stands as a crucial component of income tax obligations, necessitating individuals to fulfill their tax liabilities before the conclusion of the financial year, particularly if their tax dues surpass INR 10,000 for a given fiscal period....
International taxation involves the examination and implementation of tax regulations applicable to individuals or businesses across different countries or the international aspects of a nation's tax laws....
This guide delves into the intricacies of Section 194-I, which outlines the provisions for deducting tax at source (TDS) on rent payments. Targeted primarily at individuals earning income from renting out properties or subletting, this section imposes TDS on rental income, considering it as an...
Rental income refers to the revenue received by a taxpayer through renting out their property to another individual. Under Section 22 of the Income Tax Act, 1956, the annual value of property becomes taxable under the head of income from house property if certain conditions...
In a bid to encourage increased participation and financial backing for political parties, provisions for tax exemptions are laid out under Section 80GGB of the Income Tax Act, 1961. This section deals explicitly with donations and contributions made by Indian companies towards political parties or...
Agricultural income in India, as defined by the Income Tax Act of 1961 under Section 2(1A), encompasses various revenue streams derived from land specifically used for agricultural purposes within the Indian territory....
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