Filing tax returns for income and paying taxes is the duty of every Indian resident. Income tax rules specify that an individual who makes a specific amount as income per year must pay income … READ FULL STORY
Section 142(1) of the Income Tax Act is a provision in the Indian Income Tax Act that pertains to the powers of the income tax authorities to conduct inquiries and investigation. It states that … READ FULL STORY
Understanding Section 234B: Penalties for delayed tax payment Those with an income tax liability of more than Rs 10,000 in a financial year are liable to pay advance tax to the Income Tax Department … READ FULL STORY
The Income Tax Act of 1961 mentions a total of five income sources: salaries, rent-based income, capital gains, company and professional profits and gains and income from other sectors. The last one comes under … READ FULL STORY
What is section 1940 of the Income Tax Act? Section 194O of the Income Tax Act pertains to the TDS (Tax Deducted at Source) on e-commerce transactions. What is the rate of tax … READ FULL STORY
Under the Income Tax Act of India, Section 80CCD is a provision that allows individuals to get a tax deduction for contributions made to their pension account, including the National Pension Scheme (NPS) and … READ FULL STORY
May 25, 2023: The government today notified the Increased limit of Rs 25 lakh for tax exemption on leave encashment for non-government salaried employees. The entire leave encashment amount received is tax exempt for government … READ FULL STORY
People can claim income tax (IT) deductions of up to Rs 1.5 lakh per year for payments made to specific pension plans as per Section 80CCC of Income Tax Act, 1961. Section 80CCC was … READ FULL STORY
The Budget 2023-24 has capped the deduction from capital gains on investment in residential house under Sections 54 and Section 54F at at Rs 10 crore for better targeting of tax concessions and exemptions. … READ FULL STORY
Section 115AD of the Income Tax Act covers numerous clauses to calculate in some unique situations. The tax on foreign institutional investors’ (FIIs) income from securities or capital gains resulting from their transfer is … READ FULL STORY
An income tax refund is a preeminent work of the Income Tax department, and it was started when taxpayers had paid an extra amount more than the original tax amount. The refund amount is … READ FULL STORY
According to the norms and regulations of the Income Tax Act of 1961, every Indian citizen who owes income tax must pay that tax. However, this does not imply that you must pay taxes … READ FULL STORY
May 23, 203: Money received from the sale of agricultural land can’t be treated as capital gains, the Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has ruled recently. If an agricultural operation … READ FULL STORY
