Section 23 of the Income Tax Act prohibits, in relation to any year of assessment, a deduction of 'the cost incurred in the maintenance of any taxpayer, his family or establishment' as well as any 'domestic or private expenses'. The cumulative effect of these prohibitions is that, for ...
<br/>Income-taxAct,1961:Notificationunderundersection2(1A)(c),poviso,clause(ii)(B)and<br/>section2(14)(iii)(b);Urbanisationofareas<br/>Whereasadraftnotificationwasp..
As per section 192(1) of the Act, any person responsible for paying any income chargeable under the head “Salaries” shall, at the time of payment, deduct income-tax on the amount payable at the average rate of income-tax computed on the basis of the rate...
So, the parameters for the eligibility of this rebate under section 87A of the Income Tax Act 1961 are mentioned below in steps? Step 1: To begin with, the income to be taken into consideration for the access to a rebate under section 87A is arrived at after setting off the ‘brought...
There was a great need and importance for introducing the provisions of section 68 under the income tax act, 1961 to safeguard and protect the interest of revenue, as assessee was engaged in harmful tax practices to evade tax in the form of Black Money,
Section 43 of Income Tax Act 1961 amended by Finance Act 2022 and Rules PGBP. Definitions of certain terms relevant to income from PGBP.
Amended and updated notes on assessment section 143 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962.
Section 192 of Income-Tax Act, 1961 deals with the Tax deducted at source from salary. TDS deducted from the salary will be ultimately reflected in your Form 16. Recently the government gave it a final nod to the proposed amendment under section 192 of Income-Tax Act, 1961 pertaining to...
Clubbing of Income as the term suggests, means adding the income of another person to the income of the person who is paying the tax. This term is explained under Section 64 of the Income Tax Act. Though, there are certain restrictions to a specified person and to the specified scenarios ...
Follow section 194O of the income tax act to avoid penalties when starting an e-commerce business. This article discusses TDS on e-commerce payments in detail.