The Income Tax Act 1961 includes Section 27 that mentions deemed ownership in case of property transfer to a spouse and the tax obligations. The section aims to assess an individual’s tax obligation even … READ FULL STORY
Acquiring property stands as a significant milestone in a person’s life. However, it also entails various tax obligations during the buying and selling processes. To avoid potential legal complications, charges and penalties, it’s crucial … READ FULL STORY
Effective from April 1, 2020, the Finance Act, 2019 added the Seventh Proviso to Section 139(1) of Income Tax (I-T) Act, 1961. Under this act, certain individuals have to necessarily file Income Tax Return … READ FULL STORY
Under Section 208 of the income tax law in India, every person whose estimated tax liability for the year is Rs 10,000 or more must pay advance tax. However, senior citizens are not liable … READ FULL STORY
Section 139(9) of the Income Tax Act, 1961, plays a crucial role in ensuring the accuracy and completeness of the information provided by taxpayers in their income tax returns. This section empowers the Income … READ FULL STORY
One of the common issues faced by most of the people living abroad is double taxation. In case of dual income, people have to pay taxes in the country they reside and native country, … READ FULL STORY
According to Section 54EC, taxpayers are free from paying taxes on long-term capital gains. Any capital gains produced from the sale of immovable property in possession for 2 years or more are eligible for … READ FULL STORY
The income tax law in India mandates collection of tax at source (TCS) on sale of specific goods. Section 206CR elaborates on this subject. Section 206CR: Who has to pay tax? A seller is … READ FULL STORY
Salaried employees in India can claim tax deductions on the house rent allowance (HRA) component of their monthly salary under Section 10(13A), Rule number 2A of the Income Tax Act. However, to claim this exemption, … READ FULL STORY
Leave Travel Allowance (LTA)/Leave Travel Concession (LTC) is an exemption granted to the salaried class under Section 10(5) of the Income Tax Act. When an employee retires or is let go from their job, … READ FULL STORY
Section 10A of the Income Tax Act, 1961 includes special provisions, which allow industrial undertakings to avail of certain tax deductions. The Supreme Court, in 2016, ruled that Section 10A of the Income Tax … READ FULL STORY
In India, Section 139(5) of the Income Tax Act pertains to filing revised income tax returns. It allows taxpayers to file a revised return if they discover any error or omission in their original … READ FULL STORY
For certain enterprises, Section 35AD provides an investment-linked tax credit. Capital investments made during the preceding year may be entirely and fully deducted from company income under section 35AD. One of these defined businesses … READ FULL STORY
