Category Archives: Income Tax

GST on Educational Institutions

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…
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Presumptive Tax Scheme

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…
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Rectification of TDS Mismatch in Form 26AS

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…
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Income Tax & FEMA provisions applicable to Non Residents

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,…
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Income Tax on Short Term Capital Gain with examples

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…
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Delay in TDS return filing

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…
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Deduction on purchase of an Electronic Vehicle

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…
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Exemption for ITR filing for senior citizen

Senior Citizen – Exempt From Filing ITR

The Income-Tax Act, 1961 does not provide for the exemption of a senior citizen or a very senior citizen from completing a refund…
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Taxability of Joint Development Agreement

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…
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Advance Tax under Income Tax Act 1961

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…
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Income Tax Audit under Section 44AB

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…
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Taxes on cryptocurrency

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…
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Presumptive Taxation Scheme for Freelancers/ IT professionals

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…
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Marginal Relief from Surcharge on 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…
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Residential Status of Individuals

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…
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Income Tax on Transfer by a partner of his share in a Partnership Firm

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…
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Why everyone should file Income Tax Returns?

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…
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Cash Transaction limit under Income Tax Act 1961

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…
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Tax benefit on Home Loan under Income Tax Act 1961

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…
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NRI Income Tax Return in India

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…
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Assessment under Section 153A of Income Tax Act 1961

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…
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Income of a Religious Trust under Income Tax Act 1961

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…
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Taxation of Gold and Gold Products under the Taxation System in India

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…
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What is Income Tax Audit

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…
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4 Major Changes in Income Tax after 1st April 2022 FY 2022-2023

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…
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Definition of Persons under Income Tax Act 1961

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…
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Income Tax Deduction under section 80CCC in India

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…
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Section 50C of the Income Tax Act 1961

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…
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Importance of Minimum Alternate Tax in Tackling Tax Avoidance

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…
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Income Tax Rates for FY 2021-22 & FY 2022-23 & AY 2022-23 & 2023-24

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…
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Direct Taxes and the Constitution of India

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…
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Taxation on Political Parties in Representation of People Act 1951

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…
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Rate of Depreciation on Computer Accessories and Peripherals

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,…
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What is Income and Different Sources of Income

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…
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Taxation Aspects of Income of Deceased Person

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…
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Penalties under the Income Tax Act and Various Income Tax Offences

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…
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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…
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Benefits of Filing Income Tax Return on Time

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…
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TDS Implication on Reimbursement of Employees salary in Companies

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…
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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…
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What do you mean by Annual Information Statement?

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…
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Provision under Set Off and Carry Forward of Losses and their principle

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…
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How to file an ITR on the New Income Tax Portal

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…
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Section 80PA of Income Tax Act 1961

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…
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Impact of delay in filing Income Tax Return

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,…
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Income Tax Deduction on Donation

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…
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What is Income Tax Search and Seizure all about?

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…
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Income Tax Rate Applicable on Domestic Companies

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…
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All about Dividend Income, Payment and Compliances

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…
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Is Income tax return Filing Difficult in India?

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…
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Importance of checking Form 26AS before filing Income Tax Return

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).…
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Income Tax audit under section 44AB

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…
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Applicability of Income Tax on Agricultural Income

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…
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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…
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All you need to know about Section 80G and 12AB

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…
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Restriction on Cash Transactions under the Income-tax Act

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…
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What Is Non-Resident External (NRE) Account for Indian Seafarers?

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…
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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…
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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…
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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…
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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…
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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…
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How to link PAN with Aadhaar in New E-Filing Portal

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…
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Various Tax benefits on Home Loan as per Income Tax Act, 1961 (With FAQ)

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…
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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…
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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…
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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…
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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…
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Section 195 of Income Tax Act, applicability of TDS provisions on payments made to Non-Residents

As per the Income Tax Act, 1961, any receipts generated through business transactions with NRIs come under the purview Income Tax Act and…
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All you need to know about TDS Return Filing

Income Tax Department has facilitated an effective system of collection of taxes under which any person who is responsible for making payment of…
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Things You Need to Know Before Filing ITR 5 Form

Income tax return is a crucial statement of income of the concerned assessee, both for government and the individual or person filing it…
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Taxation of Dividends in the hands of Individuals and shareholders

Companies rely on funds to manage the affairs of their business successfully. Shareholders in a company play a vital role in raising funds,…
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Tax Audit Under Section 44AB

You might have heard the word "Audit" so many times, well let us dive into this, what is "Audit", if you go by…
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Deductions available under Section 80D of the Income Tax Act for Medical Bills of Senior Citizen Parents

In the current Pandemic situation, taking medical insurance has become extremely important. Due to current COVID-19 situation, medical expenditures to cure diseases is…
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Process of Income Tax Refund in India

We often come across the term ‘tax refund’. Let’s understand what it means. A tax refund or tax rebate is a refund provided…
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Deductions of Section 80 under Chapter VIA of Income Tax Act

Income tax department have provided various deductions with a view to encourage savings and investments amongst the taxpayers from the taxable income under…
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How much tax does a Private Limited Company pay in India?

A business organization held by a small group of people is known as a Private Limited Company. It's owned by a group of…
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A Complete Guide on How to Save Income Tax

Have you ever dreamt of isolating your income from probable taxes? We bet you did, maybe countless times. But let face it- this…
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Understanding the Section-194O – TDS on payments made to E-commerce participants

The Finance Act, 2020 has established a new Section 194-O that elaborates on levying 1% Tax Deducted at Source on Payments made to E-Commerce operators…
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Budget Highlights – Income Tax Financial Highlights 2021

Budget Highlights - Income Tax Financial Highlights 2021 The Union Budget 2021-22 was presented by the Hon’ble Finance Minister Nirmala Sitharaman on 1st…
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Tax on Blogging Income Under the Income Tax Act

Today Blogging and freelancer is the fast emerging profession in the world. Any one from any core of the world can join this…
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Presumptive taxation

A person engaged in business or profession is required to maintain regular books of account under certain circumstances. To give relief to small…
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