Section 2 Income Tax Act 1961 Section 2 Income Tax Act 1961 Definition 2. In this Act, unless the context otherwise requires,— (1) “agricultural income” means— (a) any rent or revenue derived from land which is used for agricultural purposes and is either assessed to land revenue in India or is subject to a local rate… Read More »
Tax implications 50 lakh income for AY 2026-27 For an income of ₹50 lakh in India (Assessment Year 2026-27), the primary tax implication is that you reach the threshold where a 10% surcharge on your calculated income tax is triggered if your net taxable income exceeds this amount. Tax Liability Comparison (FY 2025-26 / AY… Read More »
Form 52 User Manual 1. Overview Once an assessee enters into an Advance Pricing Agreement by filing Form No. 51 with Income Tax Department, he is required to file an Annual Compliance Report which informs the APA Authorities that the taxpayer has complied with the terms of the APA for the covered transactions. According to… Read More »
Form 1 (65/2022) User Manual 1. Overview Form 1 based Notification No. 65/2022 is filed to avail an exemption from TDS under section 393 (1) (Sl.No.2 of the Table) of Income Tax Act’2025 (under section 194-I of Income-tax Act’1962 for earlier years before 01.04.2026) on lease rent or supplemental lease rent paid for aircraft leasing, when such payment is… Read More »
Form 67 User Manual 1. Overview As per Rule 128 of the Income Tax Rules, 1962, a resident taxpayer is eligible to claim credit for any foreign tax paid, in a country or specified territory outside India. The credit shall be allowed only if the assessee furnishes the required particulars in Form 67 within the… Read More »
Form 1 (52/2023) User Manual 1. Overview Form No. 1 is a simple declaration form used by companies that are located in an International Financial Services Centre (IFSC) and are in the business of leasing aircraft. This form allows them to avoid TDS (tax deduction) on certain dividend payments they receive from Company located in… Read More »
Form No.188 User Manual 1. Overview & Purpose of the form Form No. 188 is application for approval of Superannuation Fund or Gratuity Fund . The trustee or trustees of the Fund must apply to the Assessing Officer for approval of such Fund, by submitting Form No.188 along with all the required documents. The approving… Read More »
Form 187 User Manual 1. Overview Form 187 is used to file an appeal to the Board (CBDT) when an employer is aggrieved by an order related to their fund. Specifically, this form can be used when: • Recognition of a Provident Fund has been refused or withdrawn • Approval of a Superannuation Fund has been refused or withdrawn • Approval… Read More »
Form 10E User Manual 1. Overview The total Income Tax liability is calculated on the total income earned during a particular Financial Year. However, if the income for the particular Financial Year includes an advance or arrear payment in the nature of salary, the Income Tax Act allows relief (u/s 89) for the additional burden… Read More »
Form 152 User Manual 1. Overview: Form 152 is to be filed when a person receives a demand order under section 289 of the income tax act 2025 for payment of advance tax under section 407(2)/ 407(5). It is an intimation form filed for the response to Form 151 which was issued by the Assessing… Read More »