The Finance Act, 2016, marked a significant landmark in modernizing India's tax administration system by introducing the Explanation of "hearing" under Section 2(23C) of the Income Tax Act. Effective from…
When dealing with income tax provisions, the term "child" carries significant implications, particularly in areas such as income clubbing, exemptions, and deductions. Introduced by the Taxation Laws (Amendment) Act, 1975,…
Introduction "Charitable purpose" is a critical concept under the Income Tax Act, 1961. It serves as the foundation for granting tax exemptions to trusts and institutions that genuinely operate for…
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Introduction The introduction of advance tax under the Direct Tax Laws (Amendment) Act, 1987, effective from April 1, 1989, marked a significant step in ensuring timely tax compliance. Defined under…
When it comes to taxation in India, clarity in legal terminology is crucial for taxpayers and professionals alike. Shttps://www.sahiprojectreport.com/ection 2 of the Income Tax Act, 1961, serves as the cornerstone…
In the vast and complex structure of the Indian Income Tax Act, specific sections are assigned to various rules, regulations, and guidelines that affect taxpayers and the administration of taxation.…
Housing projects play a crucial role in the infrastructure development of any country, and India is no exception. To incentivize businesses that contribute to such projects, particularly those aided by…
In India, various tax provisions incentivize businesses to promote growth in backward and underdeveloped regions. One such important provision is Section 80HH of the Income Tax Act, which provides tax…
Planning for retirement is essential, and the government encourages this through various tax incentives. One such incentive is Section 80CCC of the Income Tax Act, which allows individuals to claim…
When it comes to reducing taxable income, the Income Tax Act offers several provisions to help taxpayers make the most of their investments. One such provision, although now discontinued, was…