Under India’s income tax law, the holding period is a key determinant of tax liability. For tax calculation purposes, the holding period is categorised into short-term holding period and long-term holding period. In case … READ FULL STORY
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
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
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
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
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
As the deadline to file income tax returns (ITR) for FY 2022-23, which is July 31, 2023, is nearing, most individual taxpayers are busy filing their tax returns online. The ITR filing process has … 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
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
