This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalment due dates. It also outlines how taxpayers can revise advance tax payments when income estimates change.
This article outlines major offences under the Income-tax Act that may result in prosecution, including tax evasion, non-payment of TDS/TCS, and furnishing false statements. It also highlights exceptions and safeguards available in certain situations.
This article explains the statutory powers of the Principal Commissioner or Commissioner to waive or reduce penalties in genuine cases. It highlights the conditions, procedures, and limitations governing relief under Sections 273A and 273AA.
This article outlines major penalties under the Income-tax Act for defaults involving tax payments, return filing, TDS compliance, and record maintenance. It highlights the circumstances that attract penalties and the relief available in deserving cases.
The article explains how transactions between associated domestic entities exceeding ₹20 crore must comply with arm’s length pricing rules. Failure to do so may result in recomputation of income and penalties for under-reporting or misreporting under Section 270A.
This article explains the interest provisions applicable to delays in TDS deduction, TDS/TCS payment and non-payment of tax demands. It highlights the applicable rates, due dates and relief mechanisms under the amended Income-tax Act.
The provisions under Sections 80C, 80D, 80DD, and 80DDB provide tax deductions because taxpayers incur eligible expenses on life insurance, health insurance, dependent care, and medical treatment. Understanding the applicable limits, qualifying conditions, and documentation requirements can help taxpayers maximise legitimate tax savings while ensuring compliance with the Income-tax Act.
The updated provisions explain how long-term capital gains are classified, computed, and taxed following amendments introduced by the Finance (No. 2) Act, 2024 and reflected in the Finance Act, 2026.
The Income-tax Act mandates TDS on specified payments because tax collection is intended to occur at the source of income generation. Understanding the rules under Sections 194A, 194J, and 193 is crucial to avoid interest, penalties, and disallowance of business expenditure arising from non-compliance with TDS requirements.
Section 54B grants capital gains tax exemption when proceeds from the sale of agricultural land are reinvested in another agricultural property within the prescribed period. The provision also outlines conditions relating to agricultural use, Capital Gains Account Scheme deposits, and withdrawal of exemption on early transfer or non-utilisation of funds.
