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Income Tax

A Complete Guide to Understanding Professional Tax in India

dateAug 01, 2023
timeReading Time: 12 Minutes

Professional tax is a state-level tax imposed on individuals engaged in various professions, trades, and employment...

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Income Tax

How Much Gold Can You Hold Legally?

dateJul 14, 2023
timeReading Time: 7 Minutes

Gold has been a valuable and sought-after commodity for centuries. Many people choose to invest in gold as a way to...

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Income Tax

Educational Institutes Carrying Activities for Profit Can’t Claim Sec. 10(23C) Exemption; SC Follows New Noble Ruling

dateJul 02, 2023
timeReading Time: 8 Minutes

Section 10(23C) of the Income Tax Act provides for the exemption of income earned by certain categories of entities...

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Income Tax

Understanding The Scope of Income Under Section 11 Of the Income-Tax Act

dateJun 29, 2023
timeReading Time: 11 Minutes

Section 11 of the Income-tax Act is a provision that provides an exemption from income tax to entities engaged in c...

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Music License
Income Tax

Section 40A(2) of Income Tax Act – A Complete Analysis

dateJun 06, 2023
timeReading Time: 5 Minutes

Section 40A(2) talks explicitly about the payment of an expenditure to a related person. This means that if you hav...

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Income Tax

Income Tax Act – Carrier of Goods Not An ‘Owner’; Bitumen Not A ‘Valuable Article’ Under Section 69A: Supreme Court

dateMay 29, 2023
timeReading Time: 7 Minutes

Section 69A of the Income Tax Act is a significant provision that addresses tax implications related to goods owner...

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Income Tax

Income Tax Officer Vs Vikram Sujit Kumar Bhatia

dateMay 26, 2023
timeReading Time: 6 Minutes

The case of Income Tax Officer vs Vikram Sujit Kumar Bhatia is a landmark decision by the Supreme Court of India th...

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Income Tax

TDS Not Applicable to Salary or Commission for Partners: ITAT Ruling

dateMay 23, 2023
timeReading Time: 4 Minutes

In a recent ruling, the Income Tax Appellate Tribunal (ITAT) has provided clarity on the applicability of Tax Deduc...

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Income Tax

Deputy Commissioner of Income Tax Vs M/S Pepsi Food Limited

dateMay 22, 2023
timeReading Time: 8 Minutes

In the realm of tax litigation, the case of Deputy Commissioner of Income Tax vs M/S Pepsi Foods Ltd holds signific...

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Income Tax

How to find a TAN Registration number for a company?

dateMay 18, 2023
timeReading Time: 6 Minutes

With a three-tier federal structure made up of the Union Government, the State Governments, and the Urban/Rural Loc...

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Income Tax

Analysis of Reduction or Waiver of Income Tax Penalty

dateApr 25, 2023
timeReading Time: 9 Minutes

The income tax penalty may be reduced or eliminated entirely at the Commissioner's discretion. Taxpayers are obliga...

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Income Tax

How to Calculate House Rent Under Section 10(13a)

dateApr 21, 2023
timeReading Time: 4 Minutes

According to the Income Tax Act, "house rent" refers to the amount paid as rent for a residential accommodation occ...

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Income Tax

Association of Persons and Body of Individuals – Know the Differences

dateMar 30, 2023
timeReading Time: 4 Minutes

According to the Income Tax Act of 1961[1], "Association of Persons" (AOP) is defined as any organization consistin...

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Income Tax

New Income Tax Slabs for Financial Year 2023-2024

dateMar 15, 2023
timeReading Time: 9 Minutes

Income tax is computed in India using income tax slabs and rates depending on the applicable financial year (FY) an...

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