Income Tax

As the name suggests, it is an agreement between two countries. The purpose of which is to enable taxpayers to avoid paying taxes for the same income in both countries (resident country and the country in which such revenue is generated).

Section 44AA of the Income Tax Act, 2017 requires certain classes of taxpayers to mandatorily maintain books of accounts.

Before understanding what HRA means, you should first understand that an employee’s salary is basically divided into several components. For example, some of the components might be, basic salary

In simpler terms, associated enterprises are enterprises which directly or indirectly control another enterprise. Control can be exercised through various means such as, equity investment, participating in the management

The details submitted by a taxpayer by way of an income tax return are scrutinized and evaluated by the government through assessment officers.

Section 56(2)(x) contains provisions relating to taxability of Money or property received without consideration. It can also be regarded as a section containing provisions relating to taxability of gifts.

Section 5 of the Income-tax Act, 1961 states the provisions relating to income that is taxable in the hands of the person during the PY

Intra head adjustment means set off of loss against the same head of income.

Premium can be paid for the benefit of self, spouse, or children in respect of the individual. Premium can be paid for the benefit of any member in respect of HUF.

It is the tax computed @ 15% on book profit plus surcharge and cess as applicable. If the assessee is located in IFSC (International financial services centre), then MAT is applicable @ 9% instead of 15%.