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Income Tax : This guide explains the taxation of capital gains, computation methods, capital assets, and transfer provisions under the Income-t...
Income Tax : Learn how taxpayers can set off losses against taxable income and carry forward unadjusted losses under the Income-tax Act. The FA...
Income Tax : Learn when the Income-tax Act requires another person's income to be included in your taxable income. The FAQs explain clubbing pr...
Income Tax : Learn how rental income is taxed, who is treated as the owner, and how deductions under Section 24 are computed. The guidance also...
Income Tax : Learn when monetary, immovable, and movable property gifts become taxable under the Income-tax Act. The FAQs explain exemptions, t...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : The ITAT Delhi held that a single consolidated satisfaction note covering multiple assessment years without year-wise incriminatin...
Income Tax : The ITAT held that Section 68 could not be applied to sale proceeds received from investments already recorded in the books in an ...
Income Tax : Bangalore ITAT held that customer deposits representing sale proceeds could not be taxed in full as unexplained money under Sectio...
Income Tax : Bangalore ITAT deleted the addition under Section 69A after holding that the assessee had satisfactorily explained the source of c...
Income Tax : The ITAT Bangalore held that cash deposits could not be treated as unexplained where they were sourced from earlier withdrawals fr...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
Tax Collected at Source – TCS Section 206C: Seller shall collect tax from Buyer at the time of Debiting the amount or Receipt of amount, whichever is earlier. Exception: In two cases, Tax Collection at Source (TCS) shall be collected on receipt of payment: 206C (1F) Sale of Motor Vehicle 206C (1H) Sale of Goods […]
As per Section 56(1) any income/receipt shall be taxable under this head if it is not taxable under any other heads of income be it salary, profit and gains from business and profession, house property or capital gains. Income from other sources includes the following: DIVIDENDS Dividends are covered under the head Income from other […]
Business Income is the profit that is earned from the business. It is nothing but Total Revenue/Total turnover minus Total Expense. The profit from the business is the taxable income/business income.
INTRODUCTION ‘Public revenue’ (or Government revenue) is concerned with the Income of the Government through various sources. The Government collects/earns money through various forms of tax and non-tax revenue, and use this money to meet its administrative and other expenditures. Tax revenue are the ones which are derived by the process of direct and indirect […]
Only when the capital assets is sold off/transferred, capital gain arises. As per section 2(14) of Income Tax Act, 1961, any kind of property held by the assesse, or any kind of securities held by a foreign Institutional Investor who has invested in such securities as per SEBI Guidelines.
Section 22 of the Income tax Act, 1961 is the charging section for head Income from House Property. As per this section, the assessee must be the owner of the property which is subject to income under the head House Property. Property can be any building or land not necessarily residential.
Understand the concept of Previous Year under the Income Tax Act, 1961. Learn about its definition, calculation, and implications for tax payment.
An assessee is subject to taxation on the basis of his/her residential status. Residential Status is not subject to citizenship. For example, a person who has received his income outside India can be subject to taxation in India on the basis of his residential status. Even the taxability of income earned by a foreigner in India depends on his residential Status in India.
INTRODUCTION TDS or Tax Deducted as Source is an indirect method of collecting tax. It aims at collecting the tax at the very source of income. TDS is a pay as you earn scene. It is collected as it is earned. PAYMENTS COVERED UNDER THE SCHEME OF TDS Section 192 to 194 of the Income […]
Understand the concept of agriculture income under Section 10(1) of the Income Tax Act, 1961. Learn how it is exempted from total income calculation.
