Section 2(11) Income Tax: Block of Assets – Meaning & Concept
Understand Section 2(11) of the Income Tax Act. Learn what a block of assets is, its purpose, depreciation rules, and key compliance tips.
Category: Income Tax
Meaning of Business and Profession: Section 2(13)/ 2(36) Income Tax
Understanding the difference between 'business' and 'profession' is crucial for taxpayers in India. This distinction impacts various aspects of taxation.
Who is a ‘Person’ under S. 2(31) of Income Tax Act in India
Find out what constitutes a 'person' under Section 2(31) of the Income Tax Act in India and what it means for tax purposes.
Section 2(32) Income Tax: Meaning of Substantial Interest of a Person in Company
Learn the meaning of substantial interest under Section 2(32) of the Income Tax Act and its impact on related party transactions and expense disallowances.
Section 2(17) Income Tax: Company – Meaning
Explore the comprehensive definition of "company" under Section 2(17) of the Income Tax Act, 1961, encompassing Indian and foreign entities, deemed institutions, and their tax implications for accurate compliance.
ICAI’s Handbook on Taxation of Private Trusts under Income Tax (2023)
ICAI has released the Handbook on Taxation of Private Trust of Income-tax Act, 1961 (February 2023 Edition) for assisting members in making necessary compliance. Learn more!
CBDT Waives Interest on Demands: Incorrect 87A Rebate (NTR)
CBDT waives interest on tax demands from incorrect 87A rebate under new tax regime. Pay by 31 Dec 2025 to avoid interest under Section 220(2).
ITR-2 Filing for AY 2025-26: New Excel Utility Released
Learn about the new ITR-2 Excel utility (v1.11) for AY 2025-26. Designed for individuals/HUFs without business income, it now supports updated returns (Sec 139(8A)). File correctly.
CBDT FAQs/Clarifications on Compounding of IT Offences
CBDT Circular 4/2025 provides crucial FAQs/Clarifications on the revised guidelines (Oct 2024) for compounding offences under the Income Tax Act, 1961.
Budget 2025: Block Assessments and Safe Harbour Expansion (Transfer Pricing)
Discover how the 2025 budget reforms simplify transfer pricing with block assessments and expanded Safe Harbour Rules for reduced compliance burdens.