Understanding Section 49(1) of the Income Tax Act: An Overview
Section 49(1) of the Income Tax Act is a provision that is important for taxpayers to understand. This section deals with the calculation of...
Section 80DDB of Income Tax Act: A Comprehensive Guide for AY 2021-22
The Income Tax Act, of 1961 provides several deductions and exemptions to taxpayers to reduce their tax liability. One such deduction is available under...
Understanding Deduction under Section 57 of Income Tax Act
The Income Tax Act, of 1961, provides several deductions to taxpayers for the expenses incurred in earning taxable income. Section 57 of the Income...
Section 44AA of the Income Tax Act, 1961: A Comprehensive Guide for AY 2016-17
The Income Tax Act, of 1961, contains a range of provisions that govern the assessment and taxation of income in India. One of the...
Understanding Section 271AAD of the Income Tax Act: Penalties for Late Filing of Income...
The Indian Income Tax Act, of 1961, is a comprehensive piece of legislation that lays down the provisions for the taxation of income in...
Section 286(2) of Income Tax Act: Understanding the Reporting Requirements for Multinational Companies
Introduction Multinational companies (MNCs) operate in multiple countries, which makes it difficult for tax authorities to track their financial transactions and ensure proper tax...
Understanding Section 10(38) of Income Tax Act 1961: Exemption on Long-Term Capital Gains from...
Section 10(38) of the Income Tax Act 1961 provides an exemption on long-term capital gains from the sale of equity shares of a company...
Section 234H of Income Tax Act: Penalties for Late Filing of Income Tax Returns
Filing Income Tax Returns (ITR) is an annual obligation for taxpayers. The Income Tax Act, of 1961, lays down various provisions for filing ITRs,...
Understanding Exemptions Under Section 11 of Income Tax Act
The Income Tax Act, of 1961 governs the taxation of income in India. Section 11 of the Act grants exemptions to income earned by...
Understanding Section 33 of the Income Tax Act: Deduction for Repairs and Maintenance
The Income Tax Act contains provisions that allow for various deductions from the taxable income of an individual or a company. One such provision...