Section 234D of Income Tax (I-T) Act Sometimes, it may happen that a taxpayer is given an excess tax refund after he has filed for his Income Tax Return (ITR). The refund is given … READ FULL STORY
The government has implemented several profit-linked deductions and incentives to promote investment across a range of industries. Even though they can pay regular taxes, taxpayers who qualify for such deductions or incentives may become … READ FULL STORY
Your basic salary is entirely taxable. However, this is not true for some other components of your salary, including the HRA component. What is HRA? Almost always, house rent allowance (HRA) is an … READ FULL STORY
Salaried individuals and pensioners who have undergone treatment for certain critical illnesses can claim tax deductions against the medical expense under Section 80DDB of the income tax law. In this guide, we explain the … READ FULL STORY
To advise the Central Board of Direct Taxes (CBDT) of their election to exercise or withdraw from tax liability under section 115 BAC of the Income Tax Act, 1961, taxpayers must complete Form 10-IE, … READ FULL STORY
The money you have left over after paying your mortgage, credit card bills, utility bills, food, and other recurring costs is referred to as residual income. This extra cash can be used for savings, … READ FULL STORY
Salary arrears are treated as salary income in the income tax return. They are taxable in the year of receipt of this income. Hence, if past dues are added to your salary for the … READ FULL STORY
Capital gains refers to any profit received through the sale of a capital asset. The profit received falls under the income category. Thus, a tax must be paid on this income, which is known … READ FULL STORY
Standing for Hindu Undivided Family, HUF can be utilised as an effective tax-saving instrument to lower taxes via careful tax planning. Given that joint families are common in Indian culture and that an individual’s … READ FULL STORY
Taxes are monetary fees that the government levies on income, goods, services, activities, or transactions. Taxes, the government’s primary funding source, are utilised to advance national laws, legislation, and practises that benefit the populace. … READ FULL STORY
To make house ownership a reality for many residents, the government has established various incentives for anyone looking to purchase a property. Tax breaks on the mortgage loan are one of the most appealing … READ FULL STORY
Education cess was an additional levy that was started on the primary tax liability under the guidance of the central government. Through this cess, the government could generate extra revenue for primary and higher … READ FULL STORY
Under India’s income tax law people making certain payments are responsible for deducting tax at source (TDS) from the amount. Section 195 of the Income Tax Act deals with TDS deductions on NRI income. … READ FULL STORY
