Tax Calendar for May 2026 Income Tax due dates in May 2026 7th May, 2026 Tax Calendar for May 2026 Income Tax due dates in May 2026 TDS/TCS Due date for deposit of Tax deducted/collected for the month of April, 2026. However, all sum deducted/collected by an office of the government shall be paid to… Read More »
Section – 39 Income Tax Act 1961 Section – 39 Income Tax Act 1961 Managing agency commission 39. Where a managing agent of a company is liable under an agreement in writing made for adequate consideration to share managing agency commission with a third party or third parties, the said agent and the said party or… Read More »
Section 66 Income Tax Act 1961 CHAPTER VI AGGREGATION OF INCOME AND SET OFF OR CARRY FORWARD OF LOSS Section 66 Income Tax Act 1961 Aggregation of Income Total income 66. In computing the total income of an assessee, there shall be included all income on which no income-tax is payable under Chapter VII and any… Read More »
Section – 41 Income Tax Act 1961 Section – 41 Income tax act 1961 Profits chargeable to tax 41. (1) Where an allowance or deduction has been made in the assessment for any year in respect of loss, expenditure or trading liability incurred by the assessee, and subsequently during any previous year the assessee has obtained,… Read More »
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 Audit and Time Limits for completing a tax audit in New Income tax Act 2025 Tax Audit in New Income Tax Act 2025 : The Income-tax Bill, 2025 outlines specific time limits for completing a tax audit, which are connected to the financial year. The concept of a “tax year” is introduced in the new… Read More »