Category Archives: 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…
Continue reading

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…
Continue reading

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…
Continue reading

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…
Continue reading

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…
Continue reading
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…
Continue reading
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…
Continue reading

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…
Continue reading

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…
Continue reading

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…
Continue reading

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…
Continue reading

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…
Continue reading

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…
Continue reading

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…
Continue reading

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,…
Continue reading

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…
Continue reading

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…
Continue reading

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…
Continue reading

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…
Continue reading

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…
Continue reading

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…
Continue reading

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…
Continue reading

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…
Continue reading

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…
Continue reading

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…
Continue reading

Send this to a friend