Section 11 of the Income Tax Act: Tax Exemption for Charitable Trusts To encourage the work of religious and charitable organizations, the Indian government offers tax exemptions under Section 11…
Section 43B(h) of the Income Tax Act: Applicability, Due Date, Limit & Example Section 43B(h) provides that any amount payable to Micro and Small Enterprises (MSEs) for goods supplied or…
Section 36 of the Income Tax Act: Deductions for Business Expenses The Income Tax Act, 1961 provides several deductions to help taxpayers reduce their tax burden. Section 36 lists specific…
Section 112A of Income Tax Act – Long-Term Capital Gains on Shares Long-term capital gains (LTCG) on shares refer to profits earned from selling equity shares or units of equity-oriented…
Income Tax Clearance Certificate: Meaning, Importance & Download Process Certain transactions in India require obtaining an Income Tax Clearance Certificate (ITCC). This certificate, issued by the tax authorities, acts as…
Understanding Section 45 of the Income Tax Act Section 45 of the Income-tax Act, 1961, serves as the primary provision for taxing capital gains. It specifies when capital gains become…
Income Tax Raid, Search and Seizure: What, When, and How Under Section 132, Income Tax Raids or Search and Seizure actions are initiated by senior officers of the Income Tax…
Guidelines on TDS Under Section 194S of the Income Tax Act – Simplified Section 194S of the Income Tax Act mandates a 1% TDS on the transfer of Virtual Digital…
India follows a progressive tax system, where tax rates rise as income increases. By understanding the available tax-saving options, you can lower your overall tax outflow. Various deductions and exemptions…
Section 194Q of the Income-tax Act, 1961 covers the deduction of Tax Deducted at Source (TDS) on the purchase of goods. Under this provision, the buyer must deduct TDS at…