Residential status played a crucial role in determining the taxation of income for individuals. The Income Tax Act provided clear provisions to ascertain residential status, considering factors such as the total stay in India and the individual's origin....
NRIs, or Non-Resident Indians, were individuals who had ties to India but had settled abroad. Many NRIs had investments in properties in India, either purchased or inherited. They sometimes opted to sell these properties located in India. In this article, we will explore the taxation...
The Limited Liability Partnership (LLP) Firm, governed by the LLP Act of 2008, blended elements of a firm and a company. It had statutory obligations akin to a company but was treated for taxation purposes like a partnership firm. This article delves into the taxation...
The rebate under section 87A was one of the several tax provisions that helped taxpayers decrease their tax liability. This section was inserted to provide relief to individual taxpayers whose gross income did not exceed Rs 5 lakh per financial year. This article highlighted and...
When purchasing goods, it was crucial to adhere to the new Section 194Q of the Income Tax Act, introduced via the Finance Act – 2021, which established fresh TDS provisions on goods' purchase. These provisions took effect from 01/07/2021. Let's delve into the specifics of...
India is recognized as the world's third-largest incubator, nurturing around 55,000 start-ups, among which 59 achieved unicorn status. These start-ups burgeoned in response to the digital revolution, facilitated by government support through various programs, notably including tax incentives and the resolution of issues such as...
Educational institutions that were registered under section 12AA of the Act could seek exemptions under section 11 of the Act once conditions were fulfilled. Section 11, being a general provision, applied to all charitable institutions, whereas Section 10 (23C) catered to specific exemptions pertinent to...
The term "Property" referred to capital assets encompassing flats, buildings, and even plots of land. The primary motive behind property investment lies in its potential for profit through resale at a higher value. Immovable property, attracting real estate returns, witnesses frequent transactions, including purchases and...
The Income-tax Act imposed numerous forms of interest for various types of delays/defaults. This article discusses the provisions of sections 234A, 234B, and 234C of the Internal Revenue Code that dealt with interest charges....
Discover the advantages of Section 54 under the Income-tax Act, 1961, in our blog. This provision provides relief to individuals and Hindu Undivided Families (HUFs) dealing with capital gains from residential property sales. Join us as we delve into eligibility criteria, implications of property transfers,...
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