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Income Tax
24 June 2022
It is mandatory for all taxpayers to file their income tax returns within the prescribed time limit. To ensure the […]
22 June 2022
Every individual and entity (company, partnerships, HUFs) are liable to pay income tax as per existing tax slabs. However, the […]
22 June 2022
In India, every taxpayer needs to file Income Tax Returns or ITR forms disclosing their income-related information to the Income […]
22 June 2022
ITR-4 Form is an Income Tax Return form that is meant for taxpayers opting for the presumptive taxation scheme under […]
22 June 2022
Section 111A of the Income Tax Act deals with taxation rules for short-term capital gains. The profits generated from investments […]
22 June 2022
Tax Deducted at Source, otherwise known as TDS, refers to collecting taxes from incomes such as salary, rent, commission, interest, […]
17 June 2022
Under the Income Tax Act, 1961, it is mandatory for taxpayers to file Income Tax Returns (ITR) for reporting their […]
15 June 2022
The income tax calculator is a convenient online tool with which you can calculate the amount of tax you are liable […]
15 June 2022
While purchasing a property, buyers are liable to pay various taxes. The Finance Act, 2013 made TDS (Tax Deducted at […]
10 June 2022
The Union Budget of 2019 introduced Section 194N of the Income Tax Act, imposing a TDS on cash withdrawals beyond […]
10 June 2022
After a taxpayer files ITR (Income Tax Return), the tax department checks the return and issues an intimation notice. The […]
9 June 2022
The Income Tax Department offers tax exemptions for non-profit organisations such as religious institutions, NGOs, welfare societies and charitable trusts […]
6 June 2022
To encourage its citizens to own a home, the Government of India has introduced a host of home loan tax […]
2 June 2022
Employees need to pay taxes to the Government each year. To make paying taxes easier for the taxpayers, the Indian […]
2 June 2022
PPF (full form – Public Provident Fund) is one of the best tax-saving investment options in India. It is a […]
2 June 2022
First-time homebuyers can claim an 80EE deduction of up to Rs. 50,000 every financial year under Section 80EE of the […]
2 June 2022
Section 68 of the Income Tax Act was introduced and made effective on April 1, 1962. It allows the Income […]
2 June 2022
Section 115BBE of the Income Tax Act speaks about taxation on the income mentioned in Section 68, 69, 69A, 69B, […]
31 May 2022
The government of India introduced a presumptive taxation scheme under the Income Tax Act to simplify various complications associated with […]
31 May 2022
Section 193 of the Income Tax Act talks about the provisions regarding tax deducted at source or TDS on any […]
30 May 2022
Depending on the tax bracket, taxpayers pay taxes and file Income Tax Returns at the end of each financial year. […]
30 May 2022
Home rents can be burdensome, especially in urban areas. Since the demand for rented property is comparatively high, the amount […]
30 May 2022
Section 33AB Of The Income Tax Act: Tax Deduction On Growing Or Manufacturing Tea, Coffee And Rubber
If you have a business that deals with tea, coffee, or rubber, you could get a tax deduction under Section […]
30 May 2022
Tax-saving investments are one of the best ways to secure a stable financial future. Investing also helps build money-management skills […]
27 May 2022
Mr. Sharma is currently going through a financial crunch and is thinking of selling his residential property. However, he is […]
27 May 2022
Business owners and professionals can claim various expenses as income tax deductions. These expenses include paying employee benefits, interest payment […]
26 May 2022
The Finance Act 2017 introduced the latest Section 92CE of the Income Tax Act. This section of the Income Tax […]
26 May 2022
Section 144 of the Income Tax Act deals with best judgement assessment. This Section gives an Assessing Officer (AO) the […]
26 May 2022
Income Tax Act, 1961 urges professionals and business persons to maintain books of accounts. Along with that, they have to […]
26 May 2022
Taxpayers must file for Income Tax Returns (ITR) every Assessment Year. However, if you delay filing Income Tax Returns, you […]
26 May 2022
Under Section 194B of the Income Tax Act, TDS (Tax Deducted at Source) will be deducted if income is earned […]
26 May 2022
According to Section 194J of the Income Tax Act, TDS (Tax Deducted at Source) is deducted against fees paid for […]
26 May 2022
Capital Gains refer to the amount of increase in a capital asset’s value at the time of selling that asset […]
26 May 2022
The Government of India introduced a new tax regime in FY 2020 – 2021. Under the new tax regimes, the […]
26 May 2022
India has a progressive tax system. Meaning, as an individual’s income increases, the tax payable also increases as per the […]
25 May 2022
Section 194M of Income Tax Act: A Guide on TDS on Payments to Resident Contractors and Professionals
The budget of 2019 introduced various modifications to the already existing income tax rules. During this budget, the government also […]
25 May 2022
Taxpayers file for income tax returns at the end of the year. However, wilful hiding or an unintentional mistake may […]
25 May 2022
Paying your income taxes on time is mandatory. Thankfully, now you can pay your income tax online. It is convenient, […]
25 May 2022
Section 194IC of the Income Tax Act states that any individual who pays rent to a landlord under a Joint […]
24 May 2022
If you are a Non-Resident Indian (NRI) and earn an income from royalties and fees from technical services, you need […]
24 May 2022
Section 44B of the Income Tax Act calculates the profits and gains of Non-Resident Indians (NRIs) involved in the shipping […]
24 May 2022
Section 17 of the Income Tax Act contains a detailed categorization of the three different parts of employee benefits an […]
24 May 2022
Section 115QA of the Income Tax Act, 1961 regulates taxability on buying back shares. Further, income tax is levied on […]
24 May 2022
Section 92 of Income Tax Act provides provisions regarding calculating income generated via international transactions concerning arm’s length price. However, […]
24 May 2022
Under Section 80CCD of the Income Tax Act, individuals contributing to National Pension Scheme (NPS) or Atal Pension Yojana (APY) […]
24 May 2022
Section 80IA of the Income Tax Act allows tax deductions for industrial undertakings and infrastructure development projects. It applies to […]
23 May 2022
All employers offer conveyance allowance to their employees as compensation for their travelling costs incurred from their house to the […]
23 May 2022
The Government of India encourages its citizens to participate in infrastructure building and boost economic progress. The lion’s share of […]
23 May 2022
Section 194I of the Income Tax Act lays down the principles of taxation for rental income. Individuals earning rental income […]
23 May 2022
NRI or Non-resident Indian income tax slabs are applicable for those who are from India but are earning income in […]
23 May 2022
Employees are often compensated with a bonus on their existing remuneration. This extra salary is paid on various parameters like […]
23 May 2022
Section 112A of the Income Tax Act levies long-term capital gains tax on transferring of units of business trust, equity-oriented […]
23 May 2022
Assets can be classified as ‘short term capital assets’ and ‘long term capital assets’ based on their holding period. In […]
23 May 2022
Getting an intimation notice under Section 245 of Income Tax is just the Income Tax department letting you know that they balance […]
20 May 2022
An employer issues Form 16 to all their salaried employees. This document proves TDS deduction from an employee’s salary by […]
20 May 2022
Authors get a percentage of profit from the publishers upon the sale of their books. This percentage is royalty income […]
20 May 2022
The Income Tax Department traces all transactions so that they can curb black money transactions and detect all under-reported incomes. […]
19 May 2022
The Government of India aims to develop every backward region in the country irrespective of how remote it is. With […]
19 May 2022
The Income Tax Department has classified income into various 5 heads – income from salary, capital gains, house or property, […]
18 May 2022
India has seen significant growth in businesses, especially startups, over the last few years. In fact, 10% of startups are […]