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
Section 194A of Income Tax Act 1961 deals with the deduction of tax at source from interest other than interest incurred on securities. The tax payable under this section is subject to applicable rates … READ FULL STORY
Electric vehicles (EVs) run on electricity, and as no fuel is required, they are regarded as energy-efficient vehicles. To encourage the use of EVs, the government has introduced a new section, known as Section … READ FULL STORY
Section 24 of Income Tax (I-T) Act is among many provisions that help taxpayers in India to save taxes. Section 24 is meant specifically to cut down on tax imposed under ‘Income from House … 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 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
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
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
July 6, 2023: Section 139AA of the Income Tax Act 1961 made it compulsory to link your Aadhaar card with PAN card. The last date for this was extended to June 30, 2023, after … READ FULL STORY
Are individuals required to pay taxes on commissions and brokerages? The answer is yes. You must pay taxes on brokerages and commissions, in accordance with Section 194H of Income Tax Act of India. In … READ FULL STORY
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
