Income Tax Tips

Fixed deposits not only offer a safe and assured way of earning returns but when invested correctly can also help you save on taxes. Read on to know how. ...

Ever since income tax became a reality, people have been trying to find ways to reduce their tax liability. But with so many tax-deductible expenses and exemptions, it can be hard to know which deductions to use and which ones to leave out....

In this Article we have discussed briefly Different Provisions Applicable to Income from Business and Profession at one place. In coming articles we will also discuss Income Tax provisions related to Capital Gain & Income from Other Sources. ...

A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that financial year, gives him some relief .There are not many income tax exemptions available for senior citizens. ...

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 ...

Article disusses- Tax Rate and Relief available to Individual and HUF, Income Exempt from Tax of Individual and HUF, Deductions allowable from Taxable Income to Individual/ HUF, benefits available for Individual and HUF having Income from Business and Profession, ...

To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE. In this part you can gain knowledge about various provisions of the presumptive taxation scheme ...

Every year the residential status of the taxpayer is to be determined by applying the provisions of the Income-tax Law designed in this regard (discussed later) and, hence, it may so happen that in one year the individual would be a resident and ordinarily resident and in the next year he may become ...

Clubbing of income means Income of other person included in assessees total income, for example: Income of husband which is shown to be the income of his wife is clubbed in the income of Husband and is taxable in the hands of the husband. Under the Income Tax Act a person has to pay taxes on his income....

What incomes are charged to tax under the head Capital Gains? Ans: Any profit or gain arising from transfer of a capital asset during the year is charged to tax under the head Capital Gains.​...