What is Standard Deduction for Salaried Employees in India (2023)
Standard deduction was introduced in 1974 to establish parity between self-employed and salaried pr... Read More »
What are the Taxes on Rental Income: Calculation and How to Save Tax on It?
The Income Tax Act prescribes rental income taxability for individuals receiving rent from a let ou... Read More »
Income Tax Calculator FY 22-23 – How To Use, Tax Benefits And Exemptions
The income tax calculator is a convenient online tool with which you can calculate the amount ... Read More »
What is Section 234E of Income Tax Act: Penalty for Late Payment of TDS and TCS
If tax deductor fails to submit or file TDS (Tax Deducted at Source) or TCS (Tax Collected at Sourc... Read More »
What is Section 28 of the Income Tax Act: Profits and Gains from Business or Profession
Section 28 of the Income Tax Act up till Section 44, all cover taxation on profits and gains o... Read More »
What are Types of Tax in India: Its Structure and Working
Tax is an economic instrument and the greatest income source for the Government of India. The money... Read More »
Taxability of Gratuity: Is Gratuity Taxable?
Mr Sharma is retiring next month after his 24 years long association with a private organisation. U... Read More »
Taxability of Pension: Tax on Family, Commuted and Uncommuted Pension 2023
Is pension taxable? That’s the question that we have found many pensioners asking in different fo... Read More »
What are Capital Assets: Types, Taxation and Exemptions
Assets are those that provide any economic value to their holders. They help in generating benefits... Read More »
What Is Alternative Minimum Tax (AMT) – Its Applicability, Calculation and Example
To promote investments in various schemes, the government of India offers numerous tax benefits tha... Read More »
What Is Long-Term Capital Gains Tax – Its Rates and How To Save On LTCG Tax?
There are two types of capital gains tax as per provisions of the IT Act, 1961. One is the Short-Te... Read More »
What Is Form 15G and 15H – How To Save TDS On Interest Income
If your total income falls below the taxable limit and you are wondering how to avoid 10% Tax Deduc... Read More »
Capital Gains Account Scheme (CGAS) for Claiming Tax Exemptions
Capital Gains Account Scheme (CGAS), introduced by the GOI in 1988 helps to claim tax exemption on ... Read More »
Income Tax Slabs In India For FY 2022-23 – Rates, New and Old Tax Regime
Any reforms in income tax or income tax slabs are announced by the Finance Minister of India, usual... Read More »
Section 80G Of Income Tax Act – Its Provisions, Contributions Eligible and How to Claim
Section 80G of Income Tax Act, 1961, allows an income tax deduction for donations made to charities... Read More »
What is Tax Collected at Source (TCS): Rates, How to Pay and Due Date
To streamline the taxation system in India and make it more efficient, the Income Tax Department ha... Read More »
Unabsorbed Depreciation Under Section 32(2) Of The Income Tax Act
In a financial year, it is possible that an assessee does not have sufficient profits to cover the ... Read More »
What is Lease Agreement – What Owners and Occupants Must Know
A lease is a contract where one party grants a right to use a property or land to another party in ... Read More »
What are Capital Gains: Calculation, Tax Exemption and Types
Individuals make investments in mutual funds and purchase various capital assets. Capital gains ari... Read More »
TDS on Dividend: Resident and Non Resident Investors
As per the Income Tax Act, 1961, dividends received from a company will be taxable for the investor... Read More »
What is Section 234B of the Income Tax Act: Interest Charged and Examples
According to Section 234B of the Income Tax Act, an interest payment could be imposed if there’s ... Read More »
What is Section 206(1H): TCS On Sale of Goods Under Finance Act
The Income Tax Act of 1961 introduced Tax Collected at Source (TCS) on the sale of goods from Octob... Read More »
Taxation of Capital Gains from Mutual Funds: Debt Funds, Equity Funds, Hybrid Funds
When you invest in a mutual fund, you can choose between a growth option and a dividend option. Und... Read More »
What is Global Minimum Corporate Tax Rate: Countries Involved and India Status
The Organisation for Economic Cooperation and Development (OECD) initiated talks for a global minim... Read More »