Taxpayers are normally aware of deduction under the Income Tax Act, 1961 for which they are eligible but it is noticed that taxpayers are found unaware of Taxability of Various Allowances and exemptions available to them under different sources of Income i.e. Salary , Business Income, House property other sources etc.
Understand the provisions of Section 194-IA of the Income Tax Act, where a buyer deducts 1% tax on property transfer exceeding Rs. 50 lakhs. Learn about applicability and procedures.
Articles explain who is Non-Resident Individual, Partnership firm, Company for Income Tax Purpose, Taxable Income of Non Residents, Tax on Indirect transfer of a capital asset situated in India by Non-Residents, activities not to constitute business connection in India, Exemption from applicability of Section 206AA to non-residents
A resident person is chargeable to tax in respect of his global income. If Income-tax Act enlarges the scope of taxable income of a resident person, it extends certain benefits and privileges to a resident person as well, inter-alia, an option to compute income on presumptive basis
Article contain all benefit available to Small Businessmen for AY 2020-21 including provisions for Presumptive Taxation Scheme, Various deductions available from business profits, Maintenance of books of accounts and audit thereof, Exemptions and Deductions, Tax Deducted at Source and Advance Tax, Basic exemption limits, Concessional tax rate for domestic company and Exemption from e-filing of return of income.
Article discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to obtain Form 49B, Authority empowered to allot TAN, Procedure for online TAN application.
Learn about the tax implications of monetary and movable gifts received by individuals or Hindu Undivided Families (HUFs). Understand the exemptions and conditions for tax liability. Read more!
Article covers Income Tax Act provisions related to Carry Forward and Set Off of Losses with FAQs and Answers. Loss from exempted source of income cannot be adjusted against taxable income
Constitution of a National Dental Commission for development and regulation of all aspects relating to dental education, dental profession and dental institutions and a Dental Advisory Council to advise and make recommendations to the Commission
Learn about income tax benefits for salaried individuals in A.Y. 2024-25. Explore allowances, perquisites, and deductions available to employees
