1. Section 37 of the Act provides for allowability of revenue and non-personal expenditure (other than those failing under sections 30 to 36) laid out or expended wholly and exclusively for the purposes of business or profession. Explanation 1 of sub
Clarification regarding deduction on payment of interest only on actual payment1. Section 43B of the Act provides for certain deductions to be allowed only on actual payment. Explanation 3C, 3CA and 3D of this section provides that a deduction of any
Section 194-IA of the Act provides for deduction of tax on payment on transfer of certain immovable property other than agricultural land. Sub-section (1) of the said section provides for deduction of tax by any person responsible for paying to a res
In order to widen and deepen the tax-base and to nudge taxpayers to furnish their return of income, Finance Act, 2021 inserted sections 206AB and 206CCA in the Act.
Provisions for filing of updated returnSection 139 of the Act is related to the provisions for filing of Income Tax Return by taxpayers.2. Sub-section (1) of section 139 of the Act casts responsibility on the taxpayer to furnish a return within a def
1. Finance Act, 2021 introduced a new chapter XIX-AA in the Act consisting of section 245MA for constituting Dispute Resolution Committee (“DRC”) for specified persons who may opt for dispute resolution under the said section and who fulf
1. Section 40 of the Act specifies the amounts which shall not be deducted in computing the income chargeable under the head "Profits and gains of business or profession". Sub-clause (ii) of clause (a) of section 40 of the Act provides that
Extension of the last date for commencement of manufacturing or production under Section 115BAB, from 31.03.2023 to 31.03.2024
The existing provisions of the section 80-IAC of the Act inter alia, provide for a deduction of an amount equal to one hundred percent of the profits and gains derived from an eligible business by an eligible start-up
Sections 271AAB, 271AAC and 271AAD of the Act under Chapter XXI contain provisions that give powers to the Assessing Officer to levy penalty in cases
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