Income Tax

24 June 2022

What Is Section 234F Of The Income Tax Act? Procedure And Working Of Penalty Payment

It is mandatory for all taxpayers to file their income tax returns within the prescribed time limit. To ensure the […]
22 June 2022

Chapter VI A of the Income Tax Act: Definition And Deductions

Every individual and entity (company, partnerships, HUFs) are liable to pay income tax as per existing tax slabs. However, the […]
22 June 2022

What Is ITR 3 And How To File For A Return With ITR 3?

In India, every taxpayer needs to file Income Tax Returns or ITR forms disclosing their income-related information to the Income […]
22 June 2022

Step-by-Step Guide To File ITR 4 Form For AY (2022-23)

ITR-4 Form is an Income Tax Return form that is meant for taxpayers opting for the presumptive taxation scheme under […]
22 June 2022

What Is Section 111A Of The Income Tax Act: Exemptions And Deductions

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

What Is The Procedure To Check TDS Status Using Your PAN Card?

Tax Deducted at Source, otherwise known as TDS, refers to collecting taxes from incomes such as salary, rent, commission, interest, […]
17 June 2022

A Step-By-Step Guide To e-Filing Of Income Tax Return On New Tax Portal

Under the Income Tax Act, 1961, it is mandatory for taxpayers to file Income Tax Returns (ITR) for reporting their […]
15 June 2022

Income Tax Calculator FY 22-23: Usage, Tax Regimes, Tax Benefits And Exemptions

The income tax calculator is a convenient online tool with which you can calculate the amount of tax you are liable […]
15 June 2022

How To Download And File Form 26QB To Pay TDS On Sale Of Immovable Property

While purchasing a property, buyers are liable to pay various taxes. The Finance Act, 2013 made TDS (Tax Deducted at […]
10 June 2022

TDS on Cash Withdrawal Under Section 194N Of Income Tax Act & Its Provisions

The Union Budget of 2019 introduced Section 194N of the Income Tax Act, imposing a TDS on cash withdrawals beyond […]
10 June 2022

Section 154 of Income Tax Act: Income Tax Return Correction Filing In 10 Easy Steps

After a taxpayer files ITR (Income Tax Return), the tax department checks the return and issues an intimation notice. The […]
9 June 2022

Section 12A Of Income Tax Act: Eligibility Criteria & Benefits Of Trust Enrollment U/s 12A

The Income Tax Department offers tax exemptions for non-profit organisations such as religious institutions, NGOs, welfare societies and charitable trusts […]
6 June 2022

Section 24 of Income Tax Act – Tax Benefit on Home Loans

To encourage its citizens to own a home, the Government of India has introduced a host of home loan tax […]
2 June 2022

How To Pay TDS Online: A Step-By-Step Guide

Employees need to pay taxes to the Government each year. To make paying taxes easier for the taxpayers, the Indian […]
2 June 2022

What Is Public Provident Fund (PPF): Why You Should Have A PPF Account

PPF (full form – Public Provident Fund) is one of the best tax-saving investment options in India. It is a […]
2 June 2022

Section 80EE Of The Income Tax Act: Tax Deduction On Home Loan Interest

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: Tax On Unexplained Cash Credit

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: Sub-Sections, Tax Amount And When Is It Not Applicable

Section 115BBE of the Income Tax Act speaks about taxation on the income mentioned in Section 68, 69, 69A, 69B, […]
31 May 2022

Section 44AE Of The Income Tax Act: Eligibility And Calculating Taxable Income

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: TDS Deduction Rate Under Section 193

Section 193 of the Income Tax Act talks about the provisions regarding tax deducted at source or TDS on any […]
30 May 2022

How To Save Tax On Salary: 15 Ways To Reduce Taxable Income

Depending on the tax bracket, taxpayers pay taxes and file Income Tax Returns at the end of each financial year. […]
30 May 2022

Section 80GG Of The Income Tax Act: Income Tax Claim Deduction For Rent Paid

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

10 Best Tax-Saving Investments For Salaried Employees

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

Section 54 Of The Income Tax Act: Capital Gains Exemption

Mr. Sharma is currently going through a financial crunch and is thinking of selling his residential property. However, he is […]
27 May 2022

Section 43B of The Income Tax Act: Types of Payments Qualified For Deduction Under Section 43B

Business owners and professionals can claim various expenses as income tax deductions. These expenses include paying employee benefits, interest payment […]
26 May 2022

Section 92CE Of The Income Tax Act: Secondary Adjustment In Certain Cases, Provisions And Sub-Sections

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: Best Judgment Assessment, Provisions, Process And Duration Of Assessment

Section 144 of the Income Tax Act deals with best judgement assessment. This Section gives an Assessing Officer (AO) the […]
26 May 2022

Section 44ADA Of The Income Tax Act : Benefits & Purpose Of Presumptive Taxation Scheme

Income Tax Act, 1961 urges professionals and business persons to maintain books of accounts. Along with that, they have to […]
26 May 2022

Section 234A: Delayed Filing Of Tax Returns, Due Date, Calculation And Interest Payable

Taxpayers must file for Income Tax Returns (ITR) every Assessment Year. However, if you delay filing Income Tax Returns, you […]
26 May 2022

Section 194B: TDS On Winning Lottery, Card And Online Games, Quiz Shows, Puzzles And Dance Competitions

Under Section 194B of the Income Tax Act, TDS (Tax Deducted at Source) will be deducted if income is earned […]
26 May 2022

Section 194J: TDS On Fees For Professional Or Technical Services, TDS Rate, Due Dates And How To Lower TDS

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: Types, Method of Computation, Formula, Taxation, Exemptions and More

Capital Gains refer to the amount of increase in a capital asset’s value at the time of selling that asset […]
26 May 2022

Old Vs New Tax Regime: Differences, Pros And Cons, Calculations And Which One To Choose?

The Government of India introduced a new tax regime in FY 2020 – 2021. Under the new tax regimes, the […]
26 May 2022

Section 64 Of The Income Tax Act: Clubbing Of Income

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

How To Revise Income Tax Return Before Assessment And File It Online

Taxpayers file for income tax returns at the end of the year. However, wilful hiding or an unintentional mistake may […]
25 May 2022

How To Pay Income Tax Online: 4 Advantages Of Income Tax E Payment

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: TDS On Rent Payment Under Joint Development Agreement (JDA)

Section 194IC of the Income Tax Act states that any individual who pays rent to a landlord under a Joint […]
24 May 2022

Section 44DA Of The Income Tax Act: Tax On NRI Business Income In India

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: Tax On NRIs For Income From Shipping Business On Presumptive Basis

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 Income Tax- Salary, Perquisites and Profits In Lieu of Salary

Section 17 of the Income Tax Act contains a detailed categorization of the three different parts of employee benefits an […]
24 May 2022

Section 115 QA – Income Tax On Buyback Of Shares

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: Computation of Income from International Transactions

Section 92 of Income Tax Act provides provisions regarding calculating income generated via international transactions concerning arm’s length price. However, […]
24 May 2022

Section 80CCD Of Income Tax Act: Deductions For NPS And APY Contributions

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: Tax Benefits For Industrial Undertakings And Infrastructure Development

Section 80IA of the Income Tax Act allows tax deductions for industrial undertakings and infrastructure development projects. It applies to […]
23 May 2022

Conveyance Allowance — Meaning, Rules, Exemption, Limits, and More Features

All employers offer conveyance allowance to their employees as compensation for their travelling costs incurred from their house to the […]
23 May 2022

Deductions Under Section 80CCF – Is It A Win-Win Situation For All?

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 Income Tax: Read More on TDS On Payment of Rent

Section 194I of the Income Tax Act lays down the principles of taxation for rental income. Individuals earning rental income […]
23 May 2022

NRI Income Tax Slabs: Details On Taxable Income and Deductions

NRI or Non-resident Indian income tax slabs are applicable for those who are from India but are earning income in […]
23 May 2022

Taxability of Bonus: How are Employee Bonus Taxed?

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 Income Tax Act: Tax On Long-Term Capital Gains, Calculation And How To File ITR

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

Know Details About Section 50 of The Income Tax Act

Assets can be classified as ‘short term capital assets’ and ‘long term capital assets’ based on their holding period. In […]
23 May 2022

Intimation Notice under Section 245 of Income Tax Act: Adjusting Outstanding Tax Demand from the Taxpayer

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

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 […]
abc
PHP Code Snippets Powered By : XYZScripts.com