Section 10(46A) plays an important role in providing tax exemptions to certain entities established by Central or State legislation. Specifically, this section exempts income earned […]
Precautions for Tax Auditors in Certifying Clauses 1 to 5 of Form No. 3CD
Form No. 3CD is a comprehensive annexure required under the Income Tax Act for tax audit reports. It demands detailed information about a company’s financial […]
Understanding the Indian Income Tax System for A.Y. 2020-21
Income tax in India is levied based on a structured framework where the rate of tax changes according to a person’s annual income. This is […]
AO Cannot Tax Unutilized Amount in CGAS Before Three Years – Understanding the Legal Foundation
The Capital Gains Account Scheme, or CGAS, is one of the most practical tax planning mechanisms available to individuals and entities dealing with long-term capital […]
Introduction to Rule 12 of the Income Tax Rules, 1962
Rule 12 of the Income Tax Rules, 1962 plays a critical role in shaping how income tax returns are filed in India. It lays down […]
Introduction to Clauses 30 and 30A in Tax Audits
Tax audits are an essential component of maintaining transparency and accountability in financial reporting. They serve not only as a compliance measure under the Income-tax […]
Navigating TDS Credit Claims Amid Deductor Non-Payment
Tax Deducted at Source, commonly referred to as TDS, is a system designed to ensure timely and efficient tax collection by deducting a specified percentage […]
Introduction to the Classification of Sprinkler and Drip Irrigation Systems
Sprinkler and drip irrigation systems are widely used in modern agriculture to improve water efficiency and crop yields. They allow precise application of water directly […]
Guide to Section 56(2)(x): Applicability, Provisions, and Tax Implications
Section 56(2)(x) of the Income Tax Act is an important provision designed to tax certain types of receipts that may otherwise escape scrutiny. It mainly […]
Understanding the Key Changes in the New Tax Regime under Section 115BAC
The landscape of personal income taxation in India has seen a significant transformation with the introduction of Section 115BAC in the Income Tax Act. This […]