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...
Understanding Section 10(26) of the Income Tax Act: Tax Exemption for Specified Persons in...
Section 10(26) of the Income Tax Act provides certain categories of individuals who are exempted from paying tax on their income. These categories of...
Everything You Need to Know About TAN Registration in India
Introduction
If you are planning to start a business in India, you need to register for a Tax Deduction and Collection Account Number (TAN) with...
Understanding Section 80DD of Income Tax Act: Tax Benefits for Individuals with Dependents with...
Introduction:
Section 80DD is a provision in the Income Tax Act that allows individuals to claim deductions for expenses incurred on the treatment and maintenance...
Understanding Central Sales Tax: Its History, Impact, and Frequently Asked Questions
Understanding Central Sales Tax (CST)
Central Sales Tax (CST) is a tax that is levied on the sale of goods that are transported from one...
Understanding the Objectives and FAQs of Corporate Tax
Corporate tax is a tax levied on the profits earned by corporations or businesses. The primary objective of corporate tax is to generate revenue...
Understanding Corpus Funds: Benefits, Management, and Tax Implications
A corpus fund is a type of financial reserve that is set up by an organization or entity to ensure the long-term sustainability of...
Section 44AA of Income Tax Act: A Comprehensive Guide for AY 2020-21
Introduction
Section 44AA of the Income Tax Act, 1961 mandates every person carrying on certain businesses or professions to maintain books of accounts. These books...
Understand the Provisions of Section 194Q of Income-Tax Act
Section 194Q of the Income-tax Act, 1961, deals with the tax deduction at source (TDS) on payments made to contractors or sub-contractors. TDS is...
Understand Impact of GST on Hotel Rooms: Challenges & Benefits
Goods and Services Tax (GST) is a comprehensive indirect tax that is levied on goods and services across the country. It is a tax...