Understanding Section 40 of the Income Tax Act: Rules for Disallowance of Business Expenses
Section 40 of the Income Tax Act deals with the disallowance of certain expenses incurred by businesses. It lays down the rules for determining...
Section 115A of the Income Tax Act: A Comprehensive Guide
Section 115A of the Income Tax Act, of 1961 is a provision that deals with the taxation of income earned by foreign companies in...
Understanding Section 10(23C) of the Income Tax Act: Eligibility and Conditions
Section 10(23C) of the Income Tax Act provides an exemption to income received by specified entities from certain sources. Let's take a closer look...
Section 194P of Income Tax Act – Eligibility, Benefits and Role of Banks
Section 194P was introduced in the Finance Act 2021 and it is applicable from 1st July 2021. This section deals with the deduction of...
Navigating the Conditions of Section 11(2) for Tax Exemption: A Trust’s Perspective
Section 11(2) of the Income Tax Act pertains to income earned by a trust from its investments. It specifies the conditions under which such...
Section 89(1) of the Income Tax Act
Section 89(1) of the Income Tax Act is a provision that provides relief to taxpayers who have received arrears or advance salary in a...
Section 139(5) of the Income Tax Act: Everything You Need to Know
Section 139(5) of the Income Tax Act, of 1961 is an important provision that pertains to the filing of belated returns by taxpayers. As...
Understanding Section 1010D of the Income Tax Act: A Guide for Non-Resident Entities
Section 1010D of the Income Tax Act is an important provision that deals with the taxation of income earned by foreign companies or entities...
Understanding Clubbing of Income under Section 64 of the Income Tax Act
Section 64 of the Income Tax Act deals with the clubbing of income. This section specifies the cases where the income of one person...
Section 220(2) of Income Tax Act – Penalty and Interest on Non-Payment of Tax
The Indian income tax system imposes a legal obligation on taxpayers to pay income tax on their income earned during a financial year. The...