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 ...
This Article explains how to save tax in a private limited company. It explains various legally permissible ways in which you end up saving a lot of income tax. Company is an artificial person created by law. it is clothed with many rights, obligations, powers and duties prescribed by law. What is a Private limited […]
Mr Chaudhury has just sold his old ancestral house for a lump sum consideration of Rs. 20,00,000. He has now set his eyes on a new apartment which is due for possession within the next two years. Mr. Chaudhury is in a dilemma, he is aware that the amount he has received is a Capital Gain in his hands and is liable to tax. His intention is to use this fund towards paying for his new abode. What are his options?
The Financial Year end is round the corner, and shortly, all employees are required to submit the investment proofs for the year 2019-20. Since the Income tax department made it very clear to all employers to verify the geniuses of each claim made by the employee (circular 1/2017), the document verification will be more stringent […]
What a salary structure should include and how we can reduce our salary tax liability This article will help us to figure out how to reduce your tax liability under salary head and how to set salary structure for AY 2020-21. This article will cover various allowances which any type of employees will able to […]
Explore Section 80C Deduction for tuition fees in India. Learn eligibility criteria, maximum limits, and FAQs to optimize tax benefits for education expenses.
Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 2006. Even the section 80CCC on pension scheme contributions was merged with the above 80C. However, this new section has allowed a major change in the method of providing the tax benefit. Section 80C of the Income Tax Act allows certain investments and expenditure to be tax-exempt.
To avoid paying tax on same income twice, one can use the provisions of the Double Taxation Avoidance Agreement (DTAA), a tax treaty India has signed with many countries.
We all are aware that end of the financial year 19-20 is approaching. 31st March, 2020 is an important date to remember for individuals and taxpayers in India as it is the deadline for completing all financial obligations. 7 things to do before the end of 31st March 2020:
This articles explains Income-Tax Rates For Assessment Year 2020-21, some important Income Tax benefits available under various plans of Life Insurance such as deduction under section 80C, Section 80D, section 80DD, etc. also explains Income tax exemption on Maturity/Death Claims proceeds under Section 10(10D).
For some people, the tax-planning season has just started. You know that house rent allowance (HRA) and the deduction related to home loan repayment can lower your tax liability. You will be pleased to know, in certain cases, you can avail tax benefits from both of these.
