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Income-tax authorities in India have undergone significant legislative changes over the years, adapting to the country's evolving tax administration needs. Sections 118 of the Income-tax Act define the classes, hierarchy,…
The Income Tax Act, 1961, is designed to regulate income taxation in India, detailing the powers, functions, and duties of income-tax authorities. Section 117 of the Act plays a crucial…
The Income Tax Act, 1961, establishes a comprehensive hierarchy of income-tax authorities in India under Section 116. This section defines various classes of officers and their roles, ensuring effective management…
Introduction In the dynamic landscape of taxation in India, several provisions and taxes have evolved over time to keep pace with changing economic conditions. One such tax, the Fringe Benefits…
Introduction The Income Tax Act includes numerous sections dedicated to the tax treatment of various income forms. Section 115WL focuses specifically on fringe benefits, ensuring that all other provisions of…
Navigating the complexities of fringe benefit tax (FBT) can be challenging, especially when it comes to understanding how taxes paid on benefits like specified securities or sweat equity shares are…
Fringe Benefit Tax (FBT) was a tax imposed on employers in India for providing certain fringe benefits to employees. Although the FBT regime was abolished in 2009, it remains relevant…
Introduction to Section 115WK Section 115WK of the Income Tax Act specifies the interest liability for employers who either file their fringe benefits tax return late or fail to file…
Introduction With the increasing complexities of tax compliance, businesses need to understand their obligations under the Income Tax Act, especially when it comes to fringe benefits. Section 115WJ of the…
Fringe Benefit Tax (FBT) is a unique levy introduced to ensure that fringe benefits provided by employers to their employees are fairly taxed. Section 115WI of the Income Tax Act…