Trading gains realised throughout the course of a single trading day are subject to taxation at the ordinary rate since they are considered speculative gains. The Income Tax Act of 1961 has a provision … READ FULL STORY
July 19, 2023: The National Highways Authority of India (NHAI) has constituted a committee of road safety experts to carry out safety inspection of the Bangalore-Mysore Highway to ensure safe travel. The members of … READ FULL STORY
Filing income tax returns is an important financial responsibility for salaried employees. As per the Income Tax Act, 1961, ITR filing is mandatory wherein a taxpayer reports his total income in a financial year and … READ FULL STORY
Considering all incomes in India are taxable, those earning interest on securities are also liable to pay tax. This tax is deducted in the form of TDS under the provisions of Section 193 of … READ FULL STORY
The income tax department in India introduced the alternative minimum tax (AMT) for taxpayers that are not companies while the minimum alternate tax (MAT) is meant for companies. The government ensured that taxpayers that are … READ FULL STORY
Income tax laws in India treat taxpayers differently based on their residency status. Laws are different for non-resident Indians (NRIs) and resident Indians. The income tax also specifies what will be the implication in … READ FULL STORY
Many people are under the misconception that income generated by freelancing activities are not taxable. Similarly, plenty of individuals are unaware that professionals, consultants, and freelancers can pay income tax on half of their … READ FULL STORY
Income tax is calculated for salaried individuals based on different tax slabs. Salary refers to the remuneration an employee receives from a company for the work done during a specified period. It is essential … READ FULL STORY
Scheduled tribes (ST) are exempt from paying income tax under Section 10 (26) of Income Tax (I-T) Act 1961. Section 10 (26) provides an exemption from income tax for members of scheduled tribes, as … READ FULL STORY
July 18, 2023: Increasing the pace of development of in Uttar Pradesh, road, transport and highways minister Nitin Gadkari inaugurated two national highway projects with an investment of more than Rs 3,300 crore in … READ FULL STORY
Under the income tax act rules, a taxpayer is a person or a corporation that pays taxes on its income each year. Your income only becomes lawful after you file income tax filings and … READ FULL STORY
July 17, 2023: Union finance minister Nirmala Sitharaman has said that the government has provided several tax benefits to middle-class people, including income tax exemption for those earning up to Rs 7.27 lakh per … READ FULL STORY
Form 10E is a tax form used in India used to claim relief under Section 89(1) of the Income Tax Act, 1961. This form is used to claim relief for arrears of salary, wages, … READ FULL STORY
