Section 43B Explained: Payment-Based Deductions in Income Tax
Section 43B was introduced in the Income Tax Act, 1961, to make sure businesses and taxpayers claim certain…
Section 43A of Income Tax Act: Adjustment for Foreign Exchange Fluctuations
Section 43A ensures businesses adjust the cost of things (like machinery) bought from abroad if the exchange rate…
Section 40A(3) of Income Tax Act: Cash Payment Limit, Exceptions, and Disallowance
Section 40A(3) is a rule in India’s tax law that says businesses or professionals can’t claim business expense…
Section 37 of Income Tax Act: General Deduction for Business & Professional Expenses
Section 37 of the Income Tax Act Businesses and professionals often spend money to earn money—on things like…
Section 35AD of Income Tax Act: Deduction for Capital Expenditure in Specified Businesses
Introduction to Section 35AD Section 35AD lets businesses deduct all money spent on special assets (not land) in…
Section 80CCC of Income Tax Act: Tax Deductions on Pension and Annuity Contributions
What is Section 80CCC of the Income Tax Act? Section 80CCC is a provision in the Indian Income…
Section 80AC of the Income Tax Act: Mandatory Return Filing for Claiming Tax Deductions
What is Section 80AC of the Income Tax Act? The Income Tax Act has several chapters that allow…
Section 194J of the Income Tax Act: TDS on Professional and Technical Services
What is Section 194J? Section 194J under the Income Tax Act, 1961 mandates Tax Deducted at Source (TDS)…
Section 194K of Income Tax Act: TDS on Mutual Fund Income – Applicability, Rates, and Exemptions
What is Section 194K? Section 194K of the Income Tax Act, 1961, refers to the deduction of Tax…
Section 133(6) of Income Tax Act: Meaning, Notice, and How to Respond
What Is Section 133(6) of the Income Tax Act? Section 133(6) gives tax officers a superpower to ask…