April 2025

Cash Assistance receivable from Government Under Income Tax In India, individuals and businesses may receive cash assistance from the government for various reasons. This cash assistance, commonly referred to as government grants, may be provided to support specific projects, promote economic development, or alleviate financial burdens. However, it is essential to understand the tax implications […]

Interest Free Loan or Loan at Concessional Rate Under Income Tax Under the Income Tax Act of India, there are various provisions and regulations governing the taxation of interest-free loans or loans at concessional rates. These provisions are important for both individuals and entities engaged in financial transactions involving loans and advances. It is essential

Benefit or Perquisite Obtained from a Company Under Income Tax Under the Income Tax Act of India, any benefit or perquisite obtained from a company by an employee is subject to taxation. It is essential for employees and employers to understand the implications of such benefits or perquisites and ensure compliance with the tax laws

Special Allowance for Expenses Under Income Tax: Understanding the Legal Provisions in Indian Law Under the Indian Income Tax Act, certain expenses incurred in the course of earning income are eligible for a special allowance. This provision aims to provide relief to taxpayers by allowing them to claim deductions for specific expenses that are necessary

Voluntary Contributions received by Charity Under Income Tax In India, charities play a significant role in providing essential services and support to various sections of society. To incentivize charitable activities, the Income Tax Act, 1961 provides for certain tax benefits for charitable institutions. One of the key aspects of income tax for charities is the

Understanding the Concept of "Income Under Income" In India, the Income Tax Act, 1961, governs the taxation of income earned by individuals, businesses, and other entities. Under this Act, various sources of income are subjected to taxation, including income under the head "Income." This article aims to provide a comprehensive understanding of the concept of

Understanding Income Tax in India In India, the taxation system is governed by the Income Tax Act, 1961. It is a direct tax that is levied on the income of individuals and entities within the country. The Income Tax Act is the primary legislation that regulates the levy, administration, collection, and recovery of income tax

Reference to Court Under Firm, Partner, Partnership Under the Income Tax Act in India, firms, partners, and partnerships are subject to specific regulations and provisions, including those related to the reference to court. Understanding the legal framework surrounding these entities and the procedures for reference to court is crucial for taxpayers and practitioners alike. In

Firm is an Assessable Entity Under Firm, Partner, Partnership Under the Income Tax Act, 1961, a firm is considered as an assessable entity, and the income of the firm is taxed at the firm level. Additionally, the partners of the firm are also taxed on their share of the income derived from the firm. The

Joint Family Business converted into Partnership Business Under Firm, Partner, Partnership In India, joint family businesses have been a traditional form of business organization. With the changing times, many joint family businesses are now converting into partnership businesses under the laws governing firms, partners, and partnerships. It is essential to understand the legal framework and