Form 12BA applies to perquisites that an employee receives as a benefit or reimbursement for benefits. These benefits are over and above the Employee's salary. Form 12BA income tax applies to such additional benefits, perks or fringe benefits. Form 12BA...

During Budget 2020, the finance minister, Nirmala Sitharaman, recommended the addition of Section 194K to the Finance Act. This clause allows any resident individual to deduct the amount paid on mutual fund units, up to a certain limit. What is...

What is Section 112A? Section 112A provides for long term capital gains on the sale of listed equity shares, equity-oriented mutual funds, and the units of a business trust. The said section was introduced in Budget 2018 after the removal...

The Finance Act 2020 includes a range of policies and reforms with the objective of boosting economic growth and improving tax administration. Section 80M was introduced to help corporates reduce their tax and compliance burdens under the Income Tax Act,...

If used efficiently, biodegradable resources can help reduce different types of pollution and bring ecological balance. Section 80JJA of the Income Tax Act provides tax deductions to businesses that have earned gains or profit through efficiently using biodegradable waste. To...

What is Section 10 of Income Tax Act? Section 10 of Income Tax Act, 1961 includes such income that does not form part of the total income while calculating the total tax liability of any person. These incomes are also...

The income tax department mandates payment of advance tax for taxpayers whose total tax payable exceeds Rs 10000 in a financial year. The income tax department makes it easier for a taxpayer to pay the tax due amount in four...

What is the Interest on income tax refund? You might have surely Googled it if your ITR refund is pending for FY 2023-24. Interest on refund of income tax returns applies when your refund of excess tax is pending after...