Income Tax

20 May 2022

How to File Form 16: Everything You Need to Know About Form 16

An employer issues Form 16 to all their salaried employees. This document proves TDS deduction from an employee’s salary by […]
20 May 2022

Section 80QQB of Income Tax — Deductions on Royalty Income

Authors get a percentage of profit from the publishers upon the sale of their books. This percentage is royalty income […]
20 May 2022

5 High-Value Transactions Income Tax Department Can Investigate

The Income Tax Department traces all transactions so that they can curb black money transactions and detect all under-reported incomes. […]
19 May 2022

Section 32AD of the Income Tax Act: Investments in Notified Backward Areas in India

The Government of India aims to develop every backward region in the country irrespective of how remote it is. With […]
19 May 2022

5 Other Sources of Income You Must Pay Tax On: How To File ITR, Deductions And Exemptions

The Income Tax Department has classified income into various 5 heads – income from salary, capital gains, house or property, […]
18 May 2022

ITR for Business Income: Tax Rates, Requirements And Due Dates

India has seen significant growth in businesses, especially startups, over the last few years. In fact, 10% of startups are […]
18 May 2022

Know Everything about Rule 6DD of Income Tax Act

According to Rule 6DD of Income Tax Act, one can make cash payments of upto Rs. 10,000 only on a […]
18 May 2022

What Is Self-Assessment Tax: Calculation And How To Pay It Online

At the end of a financial year, a taxpayer has to check if there is any pending tax which should […]
18 May 2022

Tax Benefits Under National Pension Scheme (NPS) Explained

The National Pension Scheme was launched by the government in 2004 and has been one of the most preferred post-retirement […]
18 May 2022

Section 250 Of The Income Tax Act: Procedure In Appeal, Provisions And Sub-Sections

Section 250 of the Income Tax Act, 1961, talks about the procedure in appeal by a person denying liability of […]
18 May 2022

A Detailed Guide on Section 35D of the Income Tax Act

Section 35D of Income Tax Act enables people to seek tax deductions for preliminary expenses. One can seek tax deductions […]
17 May 2022

What Is Section 143 (1a) Of The Income Tax Act: What To Do After Receiving a Notice Under Section 143(1a)?

Section 143(1a) intimation is notified to taxpayers when there’s a discrepancy between the income and data entered while filing for […]
17 May 2022

Section 115BAB Of The Income Tax Act: Meaning, Tax Rates, Provisions And Eligibility Criteria

The Taxation Laws (Amendment) Ordinance, passed on September 20, 2019, introduced Section 115BAB of the Income Tax Act. As per Section 115BAB, […]
17 May 2022

What Is Section 143 Of The Income Tax Act: Detailed Explanation On Sections 143(1),(2),(3) And Deadlines

Section 143 of the Income Tax Act is an autogenerated intimation message sent to the taxpayer if there are any […]
17 May 2022

Section 79 of the Income Tax Act, 1961 – Latest Amendments

The Government of India introduced Section 79 of Chapter VI of Income Tax Act Intended to curb taxpayers’ intention to […]
17 May 2022

Section 140A Of The Income Tax: How To Self-Assess Your Tax Amount

The Income Tax Department makes it mandatory for Indian citizens to make a self-assessment of all their incomes and the […]
17 May 2022

How To Save Tax On Capital Gains Tax: Types Of Capital Gains And Tax Rates

Capital gains are an important source of income. Profit gained from selling a capital asset (jewellery, land, house, etc.) is […]
17 May 2022

A Detailed Guide on Sources of Revenue for the Government of India

India, which boasts of a massive young population, is one of the world’s fastest growing economies. Experts have predicted a […]
17 May 2022

Perquisites In Income Tax: Section 17(2) of The Income Tax Act

Perquisites are non-monetary benefits provided to an employee by the employer. These can vary depending on an employee’s position in […]
17 May 2022

What Is Previous Year In Income Tax: Section 3 Provisions And Exceptions For Taxation

‘Previous Year’ in the Income Tax Act, 1961 is an important concept associated with the payment of income tax in […]
17 May 2022

Section 94A of Income Tax Act: Foreign Tax Jurisdictions

The Government of India introduced Section 94A of the Income Tax Act in 2011 to take action against taxpayers if […]
16 May 2022

Everything You Need To Know About Income Tax Assessing Officers

An income tax assessing officer is an individual employed by the Income Tax Department for the assessment of income tax […]
16 May 2022

Section 147 of Income Tax Act: Assessment of Income Tax Returns

The Income Tax Act empowers tax authorities to decide whether the required information and income furnished by a taxpayer is […]
16 May 2022

TCS Under Section 206C:  List of Goods & Services, Limits, Payments, Returns And Exemptions

Under Section 206C of the Income Tax Act, individuals are liable to pay indirect taxes for availing of services or […]
16 May 2022

Income Tax Deduction Under Section 80: Section 80C To Section 80U And Their Maximum Allowed Limit

Section 80 of the Income Tax Act offers a range of savings and investments that you can use to lower […]
9 May 2022

TDS on Purchase of Property: Meaning, How to Pay Via Challan 26QB And Penalty for Non-Payment

A TDS or Tax Deducted at Source denotes the tax deducted by the payer on payment made to the recipient. […]
5 May 2022

TCS on Sale of Scrap (Section 206C): Meaning, Tax Rate, Payment And Tax Returns

The Government of India introduced TCS on the sale of scrap under Section 206C to monitor and gather information on […]
5 May 2022

Stamp Duty And Registration Charges In Delhi

It is compulsory for property buyers in the Capital to pay stamp duty in Delhi during property registration. This is […]
4 May 2022

Section 40A of the Income Tax Act: Tax Deductions For Companies & Firms

Profits and gains earned by companies, partnership firms, and LLPs (Limited Liability Partnerships) in India are subject to income tax. […]
4 May 2022

Section 48 of Income Tax Act: Compute Taxable Income Under Capital Gains

Sale or transfer of capital assets and the resultant gains or profits from the same is allowable as income under […]
4 May 2022

Section 115AD of Income Tax Act: Taxation On Foreign Institutional Investors

Section 115AD of Income Tax Act specifies the taxation of income of Foreign Institutional Investors. Such income can be in […]
4 May 2022

List of 11 Tax-Free Income Sources In India (2022)

There are many sources through which a person can earn his/her income. It can be income from salary, business, gift, […]
4 May 2022

Gift Tax: Meaning, Different Gift Tax Rates & Stamp Duty Provisions In India

Individuals exchange gifts as a part of a celebration or during significant events. One gives gifts as a show of […]
2 May 2022

How To File TDS on Sale of Property: Registration, Payment Process And Penalty

TDS on sale of property means Tax Deducted at Source (TDS) on the sale of immovable property, including a building, […]
2 May 2022

National Savings Certificate (NSC): Tax Benefits, Interest Rate, Eligibility And How To Encash It

NSC (National Savings Certificate) is a fixed income investment scheme that offers tax benefits up to Rs. 1.5 lakh under […]
2 May 2022

What Is Section 14A of the Income Tax Act: Applicability, Requirements And Rule 8D

In India, several categories of income are completely tax-free. It includes agricultural income, the income of charitable institutions, etc. Taxpayers […]
2 May 2022

What is Interest on Income Tax Refund: Eligibility, Calculation and Factors Affecting It

Taxpayers pay taxes to the Government of India through tax deducted at source (TDS), tax collected at source (TCS), self-assessment […]
2 May 2022

What Is Section 45 Of Income Tax: Assessment, Calculation And How Capital Gains Are Taxed

Any gains or profits that you earn from the sale or transfer of any capital assets is referred to as […]
28 April 2022

Medical Allowance Exemption: What Every Taxpayer Must Know

As per the Income Tax Department norms, individuals are required to pay their income tax dues as per the tax […]
28 April 2022

Difference between Surcharge and Cess Of The Income Tax

If you are going to file income tax, you will come across terms like cess and surcharge. These are both […]
28 April 2022

Income Tax Calendar: Due Dates and TDS for AY 2022-23

The Income Tax Department notifies crucial ITR filing dates at the start of every assessment year. The due dates for […]
28 April 2022

Dividend Distribution Tax:  Tax Rate, New Changes & Who Should Pay

A dividend is a return on investment or profits earned by domestic companies in a given financial year. Dividend Distribution […]
27 April 2022

Tax On Income From House Property: Conditions For Taxability Of Income From House Property

Are you planning to rent out a vacant house of yours? Did you know that the rent you will receive […]
26 April 2022

Section 285BA of Income Tax Act: Overview, Aggression Rule, How To Submit And More

As per Section 285BA of Income Tax Act, certain specified government agencies and other entities are obligated to present a […]
26 April 2022

Section 6 of The Income Tax Act: Overview, Importance And Exceptions

Individuals need to stay informed about their residential status for the previous year during income tax filing. The taxability of […]
26 April 2022

DTAA: Objectives, Benefits, DTAA Rates & The Countries Associated

Double Taxation Avoidance Agreement is the full form of DTAA. It is an agreement between two or more countries which […]
26 April 2022

Section 36 of Income Tax Act: A Detailed Guide

The Income Tax Act, 1961 allows several deductions for taxpayers which help them to manage their tax liability better. Section […]
26 April 2022

PCMC Property Tax: Guide To Calculate & Check Status Online

The Pimpri-Chinchwad Municipal Corporation or PCMC is a constitutional body established in 1982 with the objective of property tax management. […]
26 April 2022

Tax Relief Under Section 87A Of Income Tax Act: How To Claim Tax Rebate Under Section 87A

Taxpayers can reduce their tax liability through the rebate under Section 87A of the Income Tax Act. Individuals can claim […]
25 April 2022

What is Section 80GGA of Income Tax Act?: Deductions on Donations Made For Rural Development

Income Tax Act provides several opportunities for taxpayers to claim partial or full deductions. Section 80GGA of Income Tax Act […]
25 April 2022

Section 244A of Income Tax Act: Interest Along With Income Tax Refund

On account of excessive tax payments during a financial year, taxpayers are eligible to receive a tax refund. In simple […]
25 April 2022

Belated Returns: Meaning, Types & Penalty For Late Filing

The Income Tax Act allows taxpayers to file ITR even after one has missed the due dates. In such a […]
25 April 2022

Property Tax in Chennai: Meaning, Tax Rates & Tax Rate Calculator

If you own a flat, building, shop or any other property in Chennai, you are liable to pay property tax […]
25 April 2022

Section 111A Of The Income Tax Act: Overview Exceptions And Deductions

Section 111A of the Income Tax Act deals with taxation rules for short-term capital gains. The profits generated from investments […]
25 April 2022

What Is Standard Deduction For Salaried Employees?

Standard deduction was introduced in 1974 to establish parity between self-employed and salaried professionals. Several tax benefits were already available […]
22 April 2022

What is Section 234E of Income Tax Act: Late Fee Amount, Due Dates And More

If tax deductor fails to submit or file TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) statement […]
22 April 2022

Understanding Section 28 of the Income Tax Act: Profits & Gains From Business Or Profession

Section 28 of the Income Tax Act up till Section 44, all cover taxation on profits and gains of business/profession. This post […]
21 April 2022

How to File Form 10A Online: Step-by-Step Guide

If you are planning to open a religious trust or charitable organisation, you must consider other factors besides financial obligations. […]
21 April 2022

How to File Form 15CA & 15CB?: A Detailed Guide

According to Section 195 of the Income Tax Act, when an assessee or remitter makes a taxable payment to a […]
21 April 2022

Section 197 Of The Income Tax Act: Applicability, Eligibility And More

Assesses wanting to avail the facility of nil or low rates of TDS on certain payments received by them can […]
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