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Income Tax : Advance tax is a system under which taxpayers are required to pay their taxes in installments throughout the financial year instea...
Income Tax : Learn the differences between TDS and Advance Tax, their applicability, payment schedules, penalties, and tax planning tips to ens...
Income Tax : Article explains provisions related to income from house property, calculation of such income, exemptions available, and applicabl...
Income Tax : Learn the key differences between tax avoidance and tax evasion in India, legal provisions, real-world cases, and government measu...
Income Tax : Understand the concept of an assessee under the Income Tax Act, its classifications, roles, responsibilities, and available tax be...
Income Tax : Learn about advance tax, who needs to pay it, due dates, payment methods, penalties, and exceptions. Understand advance tax instal...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : ITAT Pune allows Karad Urban Co-Op Bank to claim depreciation on AFS investments as per RBI guidelines, following judicial precede...
Income Tax : Gujarat HC orders 6% interest on delayed tax refunds under DTVSV Act, citing principles of natural justice. Refund delays due to a...
Income Tax : ITAT Chennai held that when cash is sourced out of recorded debtors, provisions of section 69A of the Income Tax Act could not be ...
Income Tax : Guwahati High Court's landmark judgment on the tax rate for carbonated beverages containing fruit juice as per FSSAI Regulation 2....
Income Tax : Interest income earned from staff loans and advances was incidental to the business of power generation and qualifies as “busine...
Income Tax : Details of the Lok Sabha Select Committee's sittings on March 6-7, 2025, to examine the Income-Tax Bill, 2025, with oral evidence ...
Income Tax : CBDT updates income tax rules and forms for business and securitization trusts. Notification 17/2025 amends Rules 12CA & 12CC, imp...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Whether a person will be taxable under dual capacity as an ‘Individual’ as well as ‘Karta’ after separation from HUF? In this article we are going to discuss an interesting situation and taxability of an individual after his separation from HUF. PROBLEM: Mr. P, is a member of a prosperous HUF, went abroad for his […]
Cognizant Technology Solutions India Private Limited Vs ACIT (Madras High Court) Conclusion: In present case, the Division Bench of the Hon’ble Madras High Court provided relief to the Petitioner observing that in the absence of new facts coming to the knowledge of the Assessing Officer subsequent to the original assessment proceedings, the reopening could not […]
The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. […]
INCOME FROM OTHER SOURCES Incomes which does not fall under any of the other head will fall under the head of ‘Income from Other Sources’. INTEREST INCOME: Interest which are accumulates under the Saving Bank shall be mention under the head of ‘Income from Other Sources’ in tax return. Important point here is to be […]
BASICS: A house property can be anything which is attached to the land and it can be your house, your office, or can be a shop and also can be a building. The income tax does not distinguish between any of your commercial place or your house where you stay. All the properties are taxed […]
INCOME FROM CAPITAL GAINS Any profit or gain which is earned by transferring the capital assets which was held for investment will be taxable under the head of ‘Income from Capital Gain’. The gain can be earned from any of the Short Term Capital Asset and Long Term Capital Asset. When Capital Asset is transferred […]
SECTION 80C – DEDUCTION ON INVESTMENT: Section 80C is the most favorite section of all the income tax payer because it allows to reduce the tax liability of the tax payer by making tax saving investment and collect eligible expenses. It allows a deduction of maximum Rs 1, 50, 000 every year from the total […]
MEANING: Clubbing of Income as the term suggests it means adding the income of other person’s income in the income of the person who is paying the tax. This term is explained under Section 64 of the Income Tax Act. Though, there are certain restriction to specified person and to specified scenario which are mandatorily […]
During the time slot of COVID-19 Pandemic record breaking Demat accounts and Trading accounts have been opened in Share Market in India. In the past more and more people use to invest their funds in FDs , Post Offices, Bonds etc. as a traditional method in search of some additional Income, due to increasing inflation […]
Understand your rights and obligations as an Indian taxpayer. Discover the Indian Taxpayers’ Charter and learn how it ensures justice and fair play in tax collection.
