Understanding the Provisos to Section 17(2) of the Income Tax Act: Exemptions for Perquisites...
Section 17(2) of the Income Tax Act lays down the provisions for the taxability of perquisites or fringe benefits provided by an employer to...
Understanding Bitcoin Dominance and Its Significance in the Cryptocurrency Market
Bitcoin is the first and most popular cryptocurrency in the world. It is a decentralized digital currency that is not controlled by any central...
Understanding Gratuity Exemption: A Guide to Exempting Gratuity from Taxation
Introduction
Gratuity is a form of payment made by an employer to an employee as a token of appreciation for their services rendered over a...
Understanding Section 26 of the Income Tax Act: Computation of Income from House Property
Section 26 of the Income Tax Act (ITA) pertains to the treatment of income from the house property. The section lays down the rules...
Understanding Section 115BAC of the Income Tax Act: Lower Tax Rates and Foregoing Deductions...
Section 115BAC of the Income Tax Act, 1961 is a new section that was introduced by the Finance Act, 2020. This section provides an...
Unveiling the Objectives of Corporate Tax: Promoting Prosperity and Equitable Development
Introduction
Corporate tax is a vital component of a country's taxation system, representing a significant source of revenue for governments around the world. It is...
Understanding Section 43B of the Income Tax Act
Introduction
Section 43B of the Income Tax Act is a critical provision that outlines the rules for claiming deductions for certain expenses. The section applies...
GST Full Form and its Significance in India
What is GST?
GST stands for Goods and Services Tax, which is an indirect tax imposed in India on the supply of goods and services....
Understanding Form 26AS – Your Tax Credit Statement
Form 26AS is an essential document that every taxpayer in India should be aware of. It is an annual statement that summarizes all the...
Understanding Corporate Identification Number (CIN) and its Importance
A Corporate Identification Number (CIN) is a unique 21-digit alphanumeric identification number assigned to companies incorporated under the Companies Act, of 2013. It is...