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...
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.
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
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...
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
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...
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...
In a fresh update on the alleged income tax violations-related survey on Cipla, the company has responded with to the same. Read here
Indian investors having foreign investments must pay the required taxes but can also claim a foreign tax credit in India.
The growth in direct tax mop-up, which comprises personal income tax and corporate taxes, was driven by PIT collections
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
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...
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...
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...
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...
The Income Tax Department has launched an online calculator that helps users compare benefits under new and old tax regimes
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
Aviva Signature Guaranteed Income Plan offers guaranteed income and wealth creation in the long term, with tax-saving benefits.
Officials continued to gather and make copies of electronic and paper-based financial data of the organisation as part of an income tax survey
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...
The Income-Tax Department has notified forms for filing I-T returns by individuals as well as businesses for 2022-23 fiscal year
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...
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...
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,...
It has been made compulsory for linking PAN and Aadhaar for those who do not fall under the exempt category
