The income tax department on August 18 notified amendments to the income tax rules for valuing perquisites of rent-free or concessional accommodation by employers to employees. What are perquisites and how does this change … READ FULL STORY
August 21, 2023: The Central Board of Direct Taxes (CBDT) on August 18 notified amendments to the Income Tax Rules for valuing perquisites of rent-free or concessional accommodation by employers to employees. The change … READ FULL STORY
August 16, 2023: As per an order issued by J&K Housing and Urban Development Department (HUDD), the last date for payment and collection of property tax in municipal corporations and other municipalities and filing … READ FULL STORY
If a non-resident Indian (NRI) has a source of income in India, such as house rent, dividends, pension, etc., they can manage their funds by opening a Non-Resident Ordinary (NRO) account at any bank. … 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
TDS is among the many taxes that people earning an income or profit must pay to the government, under the income tax laws. This guide will help you understand the nitty-gritties of TDS, TDS … 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
The term income tax is not defined under the Income Tax Act, 1961. However, the two terms have been separately defined. Income is defined under Section 2(24) of the Income Tax Act 1961, and the … READ FULL STORY
Under the Indian income tax laws, people making specific payments are liable to deduct tax from the payment amount at the source. Under Section 194J of the Income Tax Act, people are liable to … READ FULL STORY
Money received as life insurance is considered income. On this income, the beneficiary has to pay taxes. However, tax deductions are also provided under Section 10 (10D) of Income Tax (I-T) Act of 1961. … READ FULL STORY
Income Tax (I-T) is levied by the government of India on the income of every person in India. The provisions governing the I-T are covered under the Income-tax Act, 1961. The last date to … READ FULL STORY
The terms “income” and “tax” are combined to form the word “income tax.” It implies that income tax is a type of direct tax levied against an individual’s income. The current assessment year’s 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
