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Income Tax

To Calculate Cost Of House For Capital Gains, Include All Costs Incurred In Purchase, Repair

For calculating exemption under Section 54, you will be entitled to take into account all the costs incurred in connection with the purchase of the new property. A single cash gift of Rs 2 lakh will attract penalty on the...

01 April 2023

When Do Minors Need a PAN Card?

A PAN card is necessary for minors if their parents intend to name them as a nominee for any investments. We discuss the need for a PAN card for minors and how to obtain one.

21 March 2023

Tax Benefit On Tier-I NPS Account Available To All Subscribers Under Section 80CCD

Tax benefit for contribution to Tier-II available under Section 80C only for government employees. All profits earned on intraday trading and delivery-based transactions taxable. No bar on giving interest-free loan to spouse

18 March 2023

Taxpayers Beware: Here Are 7 Important Income Tax Changes On Horizon From April 1, 2023

The new financial year 2023-24 begins on April 1, 2023, and the changes in the income tax regulations announced by finance minister Nirmala Sitharaman in the Union Budget on February 1, will come into effect immediately from...

31 March 2023

GST

GST Department To Scrutinise IT, MCA Data To Identify Entities Not Paying Taxes

The data analysis will focus on those entities which are not exempt and are required to register under the GST and file returns, either monthly or quarterly

19 March 2023

Section 115 BAC Of Income-Tax Act, 1961: What It Is And Who Can Opt For It? 

In Budget 2020, a new section was introduced under the Income-tax Act 1961, effective from FY 2020-21. Section 115BAC or better known as the new tax regime, allows individual taxpayers and Hindu Undivided Families the option...

17 March 2023

Marginal Tax Relief Under New Regime: Pay Re. 1 As Tax If Income Exceeds Rs 7 Lakh Limit By Re. 1 

Taxpayers with total taxable income exceeding the threshold limit of Rs. 7 lakh under the new tax regime will now not have to pay a disproportionate tax of Rs 25,000 if their income exceeds by even Re. 1. Here’s how you...

29 March 2023

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Income tax survey on Cipla

I-T Department Investigates Cipla For Alleged Tax Violations, Company Responds

In a fresh update on the alleged income tax violations-related survey on Cipla, the company has responded with to the same. Read here

14 March 2023

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13 March 2023
Income Tax Rules On Overseas Investment And Capital Gains: What You Need To Know

Income Tax Rules On Overseas Investment And Capital Gains: What You Need To Know

Indian investors having foreign investments must pay the required taxes but can also claim a foreign tax credit in India.


11 March 2023
Net Direct Tax Collection Reaches Rs 13.73 Lakh Crore, 83% Of Revised Estimate For FY23

Net Direct Tax Collection Reaches Rs 13.73 Lakh Crore, 83% Of Revised Estimate For FY23

The growth in direct tax mop-up, which comprises personal income tax and corporate taxes, was driven by PIT collections


09 March 2023
All You Need To Know About NPS Taxation

All You Need To Know About NPS Taxation

A tax exemption of Rs 1.5 lakh can be claimed per annum on contribution towards the National Pension System. Read on to find more


03 March 2023
Stamp Duty Paid By Recipient On Property Received As Gift Will Make Gift Void

Stamp Duty Paid By Recipient On Property Received As Gift Will Make Gift Void

The donor has to pay the applicable stamp duty on the property that is to be transferred to the recipient as gift. Non-resident status is determined...


03 March 2023
ITR-1 Sahaj Form: Find Out If You Can File Income Tax Return For AY 2023-24 With This Form

ITR-1 Sahaj Form: Find Out If You Can File Income Tax Return For AY 2023-24 With This Form

To file your income tax return with the ITR-1 Sahaj form, you would need Form 16, house rent receipt (if applicable), investment payment premium receipts (if...


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01 March 2023
Here’s How You Can Take Benefit Of Presumptive Taxation As A Professional, Small Businessman

Here’s How You Can Take Benefit Of Presumptive Taxation As A Professional, Small Businessman

In an effort to give relief to small taxpayers from the tedious job of maintaining books of accounts and getting them audited, the Income-tax Act, 1961 has...


28 February 2023
5 Important Financial Deadlines In March 2023 To Keep In Mind

5 Important Financial Deadlines In March 2023 To Keep In Mind

With March 2023 just a day around, it becomes all the more important that you pro-actively assess and complete all your financial tasks well before the March...


24 February 2023
Income Tax Calculator: Now You Can Easily Compare Old & New Tax Regimes

Income Tax Calculator: Now You Can Easily Compare Old & New Tax Regimes

The Income Tax Department has launched an online calculator that helps users compare benefits under new and old tax regimes


21 February 2023
Finance Ministry Puts Income Tax Calculator Live On Income Tax Department Portal

Finance Ministry Puts Income Tax Calculator Live On Income Tax Department Portal

An Income-tax calculator is an online tool that helps to evaluate taxes based on a person’s income based on Union Budget 2023-24 announcement


17 February 2023
Aviva India Rolls Out Guaranteed Income Plan With Early Pay, Dual Tax Benefits: Should You Buy It?

Aviva India Rolls Out Guaranteed Income Plan With Early Pay, Dual Tax Benefits: Should You Buy It?

Aviva Signature Guaranteed Income Plan offers guaranteed income and wealth creation in the long term, with tax-saving benefits.


16 February 2023
Income Tax 'Survey' Operations At BBC Offices Continue For Third Day

Income Tax 'Survey' Operations At BBC Offices Continue For Third Day

Officials continued to gather and make copies of electronic and paper-based financial data of the organisation as part of an income tax survey


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14 February 2023
New ITR Forms Have Separate Section For Crypto Income: Details Here

New ITR Forms Have Separate Section For Crypto Income: Details Here

As per Budget 2022, any income from the transfer of VDA will attract a tax rate of 30 per cent. In addition, no deduction is allowed regarding any expense or...


14 February 2023
Government Notifies ITR Forms For 2022-23

Government Notifies ITR Forms For 2022-23

The Income-Tax Department has notified forms for filing I-T returns by individuals as well as businesses for 2022-23 fiscal year


14 February 2023
I-T Raids At BBC's Delhi, Mumbai Offices As Part Of Tax Evasion Investigation

I-T Raids At BBC's Delhi, Mumbai Offices As Part Of Tax Evasion Investigation

This comes after a political row kicked off in the country following BBC's controversial documentary 'India: The Modi Question' on Gujarat riots 2022 that has...


14 February 2023
New Income Tax Forms For FY 2022-23 Announced, No Major Changes

New Income Tax Forms For FY 2022-23 Announced, No Major Changes

The Central Board of Direct Taxes has announced the new income tax forms for FY2022-23 at least two months earlier than usual, though there are no major...


11 February 2023
Interest Paid On Money Borrowed For House Purchase, Renovation, Repair Can Be Claimed Under Section 24 (B)

Interest Paid On Money Borrowed For House Purchase, Renovation, Repair Can Be Claimed Under Section 24 (B)

Interest paid to friends and relative on money borrowed for house purchase, renovation and repairs can be claimed under Section 24 (b) of the Income-tax Act,...


10 February 2023
Aadhaar-PAN Card Linking: March 31 Is Last Date To Link Aadhaar With PAN Card, Here Is How To Do It Online

Aadhaar-PAN Card Linking: March 31 Is Last Date To Link Aadhaar With PAN Card, Here Is How To Do It Online

It has been made compulsory for linking PAN and Aadhaar for those who do not fall under the exempt category


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