Income Tax : The case highlights how expanded benami provisions expose informal family arrangements to confiscation and penalties. Courts stres...
Income Tax : Tax-loss harvesting helps investors offset losses against gains to reduce tax liability. The key takeaway is that strategic timing...
Income Tax : Many tax-saving investments carry hidden costs like STT, expense ratios, and exit loads. The analysis highlights that these charge...
Income Tax : The Supreme Court clarified that tax planning is valid only when backed by real commercial substance. It held that artificial stru...
Income Tax : Tax loss harvesting allows investors to sell loss-making shares to offset capital gains and reduce tax liability. This strategy he...
Income Tax : Trusts and institutions carrying out charitable activities will face more stringent taxation regime when the new direct taxes code...
Finance : Money managers, who have historically used dividends as a ploy to lure investors to tax-saving stock funds, are shying away from p...
Income Tax : Bhoruka Steel Limited (BSL) was incorporated in the year 1969. The company became a sick industrial company within the meaning of...
Income Tax : Wallfort Shares & Stock Brokers, a Five Member Special Bench of the Tribunal (96 ITD 1 (Mum) (SB)) and the Bombay High Court (310 ...
We are observing since month of August, 2020 that price of Gold has increase tremendous. During August 2020 it reach to Rs. 52,000. If we look back, prices of Gold in the year 2000 was Rs. 4,400 while in the year 2010 it was Rs. 18,500 and in 2020 it has reached to Rs .52,000.
Generally employee submits Rent receipt and rent deed to his employer to claim exemption of tax on account of HRA however recently CBDT vide circular :08/2013 dated 10 Oct 2013 has made mandatory that If annual rent paid by the employee to his/her land lord exceeds Rs 1,00,000 per annum
Guide on How to Save Income Tax is RELEVANT FROM FINANCIAL YEAR 2019-20 & ONWARDS, Incorporates changes made in Income Tax laws in Union Budget presented on July 5, 2019 & onwards. Download the attached File to get the detailed analysis of Deduction under Income Tax Act & Rules on following topics- Income Tax New […]
Considering the recent amendments in Income Tax Act, distribution to shareholder / promoter has become challenging, specifically post introduction of section 2(22)(e). The most viable options to distribute / pull out funds for promoter are incentive pay-out, dividend distribution and buy-back. It is worthwhile to note that dividend income is now taxable in hands of […]
Many people specially who do not file their income tax returns are not aware that they have to pay tax in respect of profits made on sale of a residential house. In certain circumstances, you can save these taxes. Let us discuss it in details. Tax liability on the basis of holding period If the […]
In McDowell it was held that if a transaction was carried with an intention to avoid taxes it was up to the judiciary to decide whether the same ought to be regarded. In other words, the duty to decide the validity of the transaction was left to the court.
This article provides valuable tips and suggestions to assist all the taxpayers in saving their taxes that are to be paid for the financial year 2019-2020. This article is packed with real-life comprehensive illustrations which shall give all the readers thorough insights to lower their tax incidence and will also help them understand the tax provisions & implications in a finer way
House Rent Allowance (HRA) is generally considered as a part of salary component and is generally added in the salary structure to help the individual to save taxes. House rent allowance deduction is given under section 10(13A) of the Income Tax Act accordance with Rule 2A of the Income Tax Rules. If you stay in […]
In order to manage finances by saving money on taxes, Tax planning is vital. It is important to develop certain strategies to shrink off the taxes. Tax saving can be easy if done in a correct manner. There are various sharp-witted strategies to stay away from paying excess of taxes and save as much as […]
Discover effective strategies to save income tax for the financial year 2023-24. Explore income tax rates, deductions, and exemptions. Make informed decisions between the old and new tax regimes. Get answers to FAQs on salary income. Maximize your tax savings now!
