The Budget 2023-24 has proposed changes in the new tax regime introduced under Section 115BAC of Income Tax Act. The tax structure in the new personal income tax regime, introduced in 2020 with 6 income … READ FULL STORY
Perquisites are extra benefits that employees receive on top of their pay. Depending on their nature, certain perks or perquisites may or may not be taxable. The term fringe benefits or perks refers to … READ FULL STORY
The Government of India offers several provisions under various sections of the Income Tax Act, 1961, under which taxpayers can take advantage of tax benefits by contributing to various funds. Users may claim a … READ FULL STORY
The income tax Form 13 is associated with TDS, which stands for ‘Tax Deducted at Source’. According to the Income Tax (IT) Act, TDS must be deducted at the time of any payment. TDS … READ FULL STORY
In India, the Income Tax (IT) Act of 1961 sets the rules and regulations for the levy and collection of income tax, a tax that is charged on the income of all individuals and … READ FULL STORY
Each investment decision is primarily influenced by the rate of return and the level of risk. Those who prefer minimal risk over high returns typically choose fixed deposits (FDs). They are inevitably among the … READ FULL STORY
According to Section 92E of the Income Tax Act of 1961, it is mentioned that whoever is connected with any international transaction or specified domestic transactions has to acquire a report from an accountant. … READ FULL STORY
Challan 281 is a form used by the Indian Income Tax Department to deposit tax or other amounts payable under the Income Tax Act 1961. It is used to deposit various types of taxes, … READ FULL STORY
In Indian tax law, section 269SS of the Income Tax Act is a provision for accepting loans or deposits by individuals or businesses. It specifies that no person shall take any loan from any … READ FULL STORY
Did you know that the interest you earn on the money lying in your savings account is taxable? However, deduction is also available on this income under Section 80TTA of the Income Tax Act. … READ FULL STORY
A ‘benami’ property is one that is purchased in the name of a person, who is not the real beneficiary. The person, in whose name the property is purchased, is known as a ‘benamidar’. … READ FULL STORY
The due date for filing income tax return (ITR) for FY 2021-22 is July 31, 2022. Those earning up to Rs 2.50 lakh in a financial year are not liable to file an income … READ FULL STORY
TDS on commission Just like any other income, TDS deduction applies to money earned as commission or brokerage. Section 194H of the Income-Tax Act deals with TDS on commission and TDS on brokerage. See … READ FULL STORY
