Income Tax
How Form 15G and 15H Helps to Save TDS on Interest Income?
Form 15G and Form 15H are used to save TDS (Tax Deducted at Source) on interest income earned by individuals. TDS is a tax…
Income Tax
How To Calculate Capital Gain Tax In India?
Capital gains tax is a tax levied on the profit earned from the sale of a capital asset. Such as property, stocks, mutual funds,…
Income Tax
How To Calculate Income Tax For Salaried Individual?
Calculating income tax on salary can be a complex process, as it depends on various factors such as your total income, tax deductions, and…
Income Tax
How to File TDS Return in Jaipur?
Tax Deducted at Source (TDS) is a mechanism introduced by the government of India to collect taxes from various sources of income. The purpose…
Income Tax
All you need to know about US Taxation Partnership Firms– LLC
Taxes are an essential part of a functioning government, and the United States is no exception. U.S. taxation is a complex system of federal,…
Income Tax
Updated Return – Comprehensive chart from AY 2020-21 to 2022-23
An updated return, also known as a revised or amended return, is a type of tax return that taxpayers can file to correct errors…
Income Tax
All You Need To Know About the Notifications With Regard To Filing of Form 10F
In recent years, there are various new notifications with regard to the filing of Form 10F introduce. Central Board of Direct Taxes (hereinafter referred…
Income Tax
Decoding the Distinctions: Understanding the Difference between Professional and Technical Services
The Indian tax system has various provisions to ensure timely and accurate payment of taxes. Section 194J of the Income Tax Act, 1961, is…
Income Tax
Recent Updates regarding Income Tax Return and New Income Tax Return Forms
Filing Income Tax Returns (ITR) can be a daunting task for many individuals, especially those who are not familiar with the process. However, with…
Income Tax
Understanding the Tax Implications of Remission of Trading Liability for Assessees under Presumptive Taxation
Under the presumptive taxation system in India, certain eligible taxpayers are allowed to pay tax on a presumptive basis. This means that the income…
Income Tax
Clarification on the Entitlement of Input Tax Credit
You must pay sales taxes when you buy a product or service from a dealer. This tax is collected when you sell. You subtract…
Income Tax
Concept of TDS and TDS Rate Chart for FY 2022-2023
It is not easy to handle such a Huge yet Amazing country like India, where diversity between cultures, religions, Class can be seen clearly.…
Income Tax
Tax on the Distribution of assets to partners
My firm recently went through dissolution and I am not sure about the liability of the assets finally distributed. While wondering about such a…
Income Tax
Deduction 80PA of Income Tax Act, 1961: An Overview
After section 80P of the Income Tax Act, 1961 (Income Tax Act) section 80PA is inserted with effect from 1 April 2019. Section 80PA…
Income Tax
Guide to new TDS Section 194R of the Income Tax Act
The Finance Act 2022 introduced section 194R which deals with the deduction of tax on benefits or emoluments to businesses or professions. Businesses, companies…
Income Tax
Global minimum tax under BEPS
The Global Minimum Tax (GMT) applies a standard minimum tax rate worldwide to a defined corporate income base. The OECD has drawn up a…
Income Tax
Everything You Need to Know about Crypto Tax in India
The draft Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was proposed by the Indian Government and has become a key area of…
Income Tax
TDS on Rent Payment to Non-Resident
TDS was designed to collect tax directly from the source of revenue. According to this theory, a person (deductor) who is compelled to make…
Income Tax
Tax Planning for Individuals under Income Tax Act, 1961
Tax Planning is the process of evaluating a financial plan or conditions in relation to taxes in order to achieve the greatest possible tax…
Income Tax
Format of Declaration under Section 13(1)(c) of Income Tax Act, 1961
Section 13 of the Income Tax Act, 1961 (Income Tax Act) describes the situations in which the exemptions provided by Sections 11 and 12 would…
Income Tax
Deduction in Respect of New Employees Recruited as per Section 80JJAA of Income Tax Act
Unemployment is a significant issue in every country. Section 80JJAA was enacted to increase employment and encourage individuals. Section 80JJAA allows you to claim…
Income Tax
New Cryptocurrency Tax Rules in India: Everything You Need To Know
In India, does crypto currency have to be taxed? Do you want to know how the Indian Income Tax Department (ITD) feels about Bitcoin…
Income Tax
Analysis of Clause 44 of Tax Audit Report in Form 3CD
The Tax Auditors and the assessee are both concerned about ‘Clause 44’ in the tax audit report in Form 3CD, which deals with reporting…
Income Tax
All you need to know about Section 80JJAA
Entrepreneurs rejoice! Now save money by hiring! The Income Tax Act 1961 contains a provision under section 80JJAA to offer additional tax credits to…
Income Tax
Income Tax implications on Cash Transactions
In the Indian economy, cash transactions have always played a major role and serve as a consistent reason for the accumulation of black money.…
Income Tax
Powers & Limitations of the Commissioner of Income Tax (Appeal)
For effective financial management, it is essential to understand the functioning, powers, and limitations of the powers of the tax authorities. This turns out…
Income Tax
Evolution of Income Tax and Section 1 of Income-tax Act, 1961
The history of Income Tax in India is later back to the 1800s, In 1860 the tax was first introduced in India by Sir…
Income Tax
Non-Payment and Non-filing of TDS/TCS Returns: Consequences
The concept of Tax Deducted at Source was introduced with the purpose of collecting tax from the source of income. According to this concept,…
Income Tax
Direct and Indirect Taxes: Basics
Tax is a compulsory fee that is imposed on corporations or individuals by the State and the Central Government. This fee is imposed by…
Income Tax
Taxation of Unlisted Share and Biggest Catch in Disclosure in ITR
Currently, there is a surge in equity transactions, investments, and so on. Indian investors have moved beyond conventional gold, silver, and real estate investments…
Income Tax
All about Clause 44 of FORM 3CD of Tax Audit Report
An auditor should utilize Form 3CD when examining the financial records of taxpayers who are the subject of tax audits. According to the Income…
Income Tax
What Non-Resident needs to know about the acquisition of an Immovable Property?
The Reserve Bank of India (RBI) regulates the purchase and acquisition of immovable property in India by non-residents under the Foreign Exchange Management Act…
Income Tax
No more mistakes in understanding Taxation of Educational Institutions
The tax on the income of educational institutions often remains the most controversial topic. The nature of educational institutions such as top educational institutions…
Income Tax
Presumptive taxation- Section 44AD, 44ADA, 44AEAC
The presumptive scheme option has always been an exciting and confusing story for taxpayers. As the 2016 Budget comes into effect from FY 2016-17,…
Income Tax
What to Do when TDS Not Reflected in Form 26AS?
Form 26AS is a tax credit statement that summarizes all tax deducted, tax received, advance taxes, and self-assessment taxes paid in a single report.…
Income Tax
Income Tax & FEMA provisions applicable to Non Residents
If an individual is classified as ‘non-resident’ then the tax inference is similar to that of ‘RNOR’ status. In the case of NRIs, only…
Income Tax
Income Tax on Short Term Capital Gain with examples
Capital gain tax includes short-term capital gains and long-term capital gains. Larger assets can be properties or securities. There is a tax exemption in…
Income Tax
Fees & Penalty for late/Non-filing of TDS Return
No filing or late filing of TDS/TCS returns can get you into trouble. As tax laws suggest, taxpayers fall under two penalties in the…
Income Tax
Section 80EEB: Deduction on purchase of an Electronic Vehicle
In the Union Budget of 2019, the government announced an offer to buy an electric car. In a budget speech, the finance minister said…
Income Tax
Senior Citizen – Exempt From Filing ITR
The Income-Tax Act, of 1961 does not provide for the exemption of a senior citizen or a very senior citizen from completing a…
Income Tax
Income Tax Implications where Contract (JDA) is not registered
The Joint Development Agreement (‘JDA’) is the most common and most popular method of arrangement to construct buildings in our country. It is a…
Income Tax
Advance Tax under Income Tax Act 1961
Every Indian citizen is required to pay tax if their income falls within the Income Tax bracket. The government relies heavily on taxation to…
Income Tax
Income Tax Audit under Section 44AB of Income Tax Act, 1962
Before we go into what a tax audit is, let’s define the term “audit.” The definition of audit in the dictionary implies that it…
Income Tax
Taxation of Crypto currency in India
A crypto currency, sometimes known as crypto, is a virtual currency that is protected by encryption. It is intended to function as a means…
Income Tax
Can IT Freelancers/Professionals Use the Income Tax Presumptive Scheme?
If you work as a freelancer, professional, or consultant, you are only required to pay income tax on half of your gross annual income.…
Income Tax
Marginal Relief required for those whose Income Exceeds Marginally
The notion of marginal relief is intended to give a taxpayer with relief from surcharge levy if total income surpasses slightly more than Rs.…
Income Tax
Residential Status of Individuals
The residence status of a taxpayer is significant because the income tax department treats its taxpayers differently. As a result, it is critical for…
Income Tax
Income Tax on Transfer by a partner of his share in a Partnership Firm
Although Partnership Firms do not have a separate legal entity, for Income Tax, they are treated as separate from their partners. These firms whether…
Income Tax
Why everyone should file Income Tax Returns?
Are you perplexed and unable to decide whether to file an ITR? Have you heard elsewhere that if your income is less than the…
Income Tax
Cash Transaction limit under Income Tax Act, 1961 & GST
Cash transactions have always played a significant role in the Indian economy and are a consistent source of black money accumulation. The government has…
Income Tax
Tax benefit on Home Loan under Income Tax Act, 1961
For most people, owning a home is a dream comes true. The Indian government has traditionally favoured encouraging residents to invest in real estate.…
Income Tax
Everything you need to know about NRI Income Tax Return
Are you aware that non-resident Indians, or NRIs, must pay income tax in India? Not only do residential Indians pay taxes, but so do non-resident…
Income Tax
Assessment under Section 153A of Income Tax Act, 1961
Section 153 A of the Income Tax Act, 1961 specifies the system for assessing income in the case of a searched person. In terms of…
Income Tax
Income of a Religious Trust under Income Tax Act, 1961
The definition of Religious Trusts is not present under the Income Tax Act, 1961. The creation of a Religious Trust is mandated by the special…
Income Tax
Taxation of Gold and Gold Products under the Taxation System in India
In India, gold is one of the most popular and respected assets. It has shown to be the strongest investment option for generating high…
Income Tax
What is Income Tax Audit?
There are different types of audits performed under different rules such as company audits/statutory audits conducted under the terms of company law, cost audits,…
Income Tax
4 Major Changes in Income Tax after 1st April 2022: FY 2022-2023
With the beginning of the new financial year FY 2022-2023, numerous rules and regulations have changed in respect of Income Tax. Some of the…
Income Tax
Definition of Persons under Income Tax Act, 1961
Under Section 2 (31), ‘Person’ is an AOP or Association of Persons or BOI (Body of Individuals) or a Local Authority or an artificial…
Income Tax
Income Tax Deduction under section 80CCC in India
Section 80CCC of the Income Tax Act of 1961 provides for deductions amounting to Rs. 1.5 lakhs per year for personal contributions to certain…
Income Tax
Section 50C of the Income Tax Act, 1961
As per section 50C, the calculation of capital gain of the sale of land or building or both is held as a capital asset.…
Income Tax
Importance of Minimum Alternate Tax in Tackling Tax Avoidance
Minimum Alternate Tax (MAT) was created to decrease the gap between the tax accountability under income calculation and book profits. Further, the objective behind…
Income Tax
Income Tax Rates for FY 2021-22 & FY 2022-23 & AY 2022-23 & 2023-24
According to the Income Tax Act, 1961 of India, Income Tax is levied on all individuals, HUFs, partnership businesses, LLPs, and companies. Individuals are taxed…
Income Tax
Direct Taxes and the Constitution of India – India’s Taxation Provisions
The taxation system is the backbone of a country’s economy, ensuring that revenue is stable, management of economic development and that industrial activity is…
Income Tax
Taxation on Political Parties -Representation of People Act, 1951
The Representation of the People Act, 1951 governs political groups in India (RPA). A certain organization of Citizens as well as group of particular…
Income Tax
Rate of Depreciation on Computer Accessories and Peripherals
Do you own a computer? Do you use it for your personal use or for business purposes? Yes, if you own a computer, you…
Income Tax
What is Income and Different Sources of Income?
Money isn’t everything; however, it is a critical component in the life of an individual. Money helps us reach our life’s ambitions and supports…
Income Tax
Taxation Aspects of Income of Deceased Person
Did you realize that the estates of the deceased might be taxed? It may sound strange that a deceased person’s income tax returns must…
Income Tax
Penalties under the Income Tax Act and Various Income Tax Offences
The timely and regular payment of taxes and submission of returns guarantees that the government has funds available for public welfare at all times.…
Income Tax
All about TDS (Tax Deducted at Source) and TDS Filing, Returns & Rate
TDS was created with the goal of collecting tax directly from the source of revenue. According to this notion, a person (deductor) who is…
Income Tax
Benefits of Filing Income Tax Return on Time and its Importance
Are you in a confusing state and not able to make up your mind, whether to file ITR, Or did you hear elsewhere that…
Income Tax
TDS Implication on Reimbursement of Employees salary in Companies
Some employees on the payroll of group firms (including management and non-management cadre) work for the Parent company. We can recover the cost of…
Income Tax
Claim Deduction for Rent Paid Under Section 80GG
The Internal Revenue Service has given taxpayers with a number of Claim Deduction for Rent Paid Under Section 80GG of Income Tax Act by…
Income Tax
What do you mean by Annual Information Statement?
All About the Annual Information Statement (AIS) – Income Tax Department initiates a new function and makes an update in Form 26AS, this update…
Income Tax
Provision under Set Off and Carry Forward of Losses and their principle
The two sides of a coin are profit and loss. Losses, of course, are difficult to accept. However, the Income-tax law in India does…
Income Tax
Return Filling Process for Tax Audits under New Income Tax Portal
We agree that Return Filling Process for tax audits can sometimes be tough, particularly the cases since you are youth and have just received…
Income Tax
Section 80PA of Income Tax Act 1961, Inclusive of upgrades and Deduction
With effect from Assessment Year 2019-20, a new deduction under Section 80PA of Income Tax Act 1961 has been permitted to encourage producer enterprises to…
Income Tax
Income Tax Return (ITR) – Impact of Delay in filing ITRs
The Government of India has established Income Tax laws governing the taxable income of all individuals who are individuals, HUFs, Companies, Firms, LLP, People’s…
Income Tax
A Detailed Summary of Income Tax Deduction on Donation
Introduction Plenty of us have considered donating to charity and helping the community at a certain stage in life. It is admirable to contribute…
Income Tax
What is Income Tax Search and Seizure all about?
Table of Contents Introduction Goals of Income Tax Search and Seizure Income Tax Raids Authority to conduct search and Seizure Power Rights of…
Income Tax
Income Tax Rate Applicable on Domestic Companies
Indian taxes are classified into two types: direct taxes and indirect taxes. When it comes to direct taxes, they are imposed on the revenue…
Income Tax
All about Dividend Income, Payment and Compliances
Dividend income, payment, and reporting have undergone significant changes in the previous and current fiscal years, with recipients facing increased taxation and reporting requirements.…
Income Tax
Is Income tax return Filing Difficult in India?
Is Income Tax Return Filing Difficult in India? Before we actually proceed towards the question mentioned above, Firstly we should know about what is…
Income Tax
Importance of checking Form 26AS before filing Income Tax Return
Form 26AS is a consolidated tax credit statement containing all the details of different taxes that are deducted on income at source (TDS). The…
Income Tax
Income Tax audit under section 44AB
The word significance of the expression “audit” is check, review, examination, and so on. There are different sorts of audit mentioned under various laws…
Income Tax
Applicability of Income Tax on Agricultural Income
Agriculture is supposed to be India’s principal employment. It is sometimes the only source of income for India’s massive rural population. The country as…
Income Tax
How to maximize your tax saving by choosing the right insurance policy for yourself & family?
The point of getting insurance is that it is a high level of certainty. Insurance is a binding agreement between the insurer and the…
Income Tax
All you need to know about Section 80G and 12AB
This article helps to understand all about 80g and 12ab. The terms and conditions, benefits, the procedure of registering, and amendments under 80g and…
Income Tax
Restriction on Cash Transactions under the Income-tax Act
Cash transactions have always played a major role and serve as a constant source of black revenue collection. The government has recently introduced a…
Income Tax
What Is Non-Resident External (NRE) Account for Indian Seafarers?
A Non-Resident External (NRE) account is a bank account for NRIs which are INR-dominated to transfer their foreign currency to India. Foreign exchange earnings…
Income Tax
Taxation Rules Applicable on seafarers in India
A seafarer – is any traveler via seas, classifying their work based on the rank or type of job as merchant navy, navy worker…
Income Tax
TDS Under Section 194Q of the Income Tax Act, 1961
TDS under Section 194Q of the Income Tax Act,1961 was introduced in Union Budget 2021 which is effective from 1st July 2021. Businesses are…
Income Tax
Understanding Marriage Gifts And Its Taxation in India
Indian marriages see a huge influx of gifts. The newlyweds are given gifts from their immediate families and friends. A common question arising in…
Income Tax
Detailed Analysis of TDS Filing FY 2021-2022
The full form of TDS is Tax Deducted at Source. It is the amount that is deducted as a tax from the money paid…
Income Tax
ITR 1 and ITR-2 for A.Y 2021-22
The due date for filing Income Tax Return is approaching. There are lots of things that cross your mind when you sit with your…
Income Tax
How to link PAN with Aadhaar in New E-Filing portal?
Table of Contents Why is linking of Aadhaar and PAN important? Consequences of not linking Aadhaar and PAN How to link Aadhaar and PAN…
Income Tax
Various Tax benefits on Home Loan as per Income Tax Act, 1961 (With FAQ)
Table of Contents Tax Benefits on Home Loan (FY 2021-22) New Updates (Union Budget 2021-2022) Deduction available on Interest Portion on Home Loan Deductions…
Income Tax
Deduction under section 80JJAA of Income Tax Act, 1961
Government has been announcing and providing many reliefs to the new as well as existing entrepreneurs in many ways. Be it cheaper and easy…
Income Tax
Residential Status of People unable to leave India due to COVID-19
COVID-19 has affected the lives of people very badly from almost past 1.5 years now. To contain the spread of novel coronavirus, The Government…
Income Tax
All you need to know about the Section 206AA of the Income Tax Act
Few specified payments under the provision of the Income Tax Act are required to deduct tax at source. However, TDS provisions bound every payer…
Income Tax
What to do if you forgot to file your Income Tax Return?
An income tax return is a summarized record that contains information about your earnings for a fiscal year. You are required to pay your…