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 framed the presumptive taxation scheme under sections 44AD, 44ADA,...
Market-linked debentures are catching the attention of investors these days. As they lose their preferential tax status, and their returns are treated as short-term capital gains, how much of their appeal will they lose? Are...
Whether profits on delivery-based transactions will be taxed as business income or capital gains will depend on factors like transaction volume, frequency, average holding period, etc.
The states must be empowered to play a bigger and effective role in the development of the country, an official statement quoted him as saying
Union Finance Minister Nirmala Sitharaman has proposed to increase the taxable threshold from Rs 2.5 lakh to Rs 3 lakh for taxpayers opting for the new tax regime (NTR); the rates are also simplified with fewer income...
The tax payer can apply for re-computation of total income under Section 155(18) and notify the assessing officer within 30 days of paying the tax to avoid any penalty
As reports of jumbo celebrity weddings lavished with super-expensive gifts flood the news media, it is time to find out whether these presents are a means for the rich to save tax and build wealth. Read on to find more.
You could be saddled with several loans or debts. However, there are ways to service your debt effectively. Read on to find more.
Here’s what tax experts have said on the 30 per cent tax on virtual digital assets after almost a year since it was implemented, and the industry’s...
Deduction under Section 80E only available for interest paid on education loan. You need to deduct tax while making payment to a non-resident during purchase.
You need to check your Indian residency status, tax deducted at source (TDS), if any, and Double Taxation Avoidance Agreement (DTAA) to determine the...
It’s high time to review and finish the financial tasks over the past year so you can start the New Year on a clean slate. Read on to know more.
If you enter the wrong assessment year in your tax challan, then you will still have tax arrears due against your income for the respective assessment year....
Review your financial situation at the end of the financial year without fail to save yourself from the stress of course-correcting later. Read on to know...
Gratuity is a token of appreciation which companies pay to their employees as a reward for loyalty. But it is tax-free up to a certain limit. You can also take...
Non-residents (NRs) get partial relief after CBDT extended the time to file form 10F until March 31, 2023.
Investments in shares are treated as capital assets and taxed as capital gains. In case of self-occupied property, there is a limit of Rs. 2 lakh for claiming...
If you have missed the July 31 deadline to file your income tax return, then make sure you file it by December 31, unless you want to get served with a notice...
The sale of property involves tax implications and the profits so earned are taxed as either long- or short-term capital gains depending on the period of...
There are numerous instances where a proven track record of filing ITR has helped people, such as in scholarship as well as visa applications. Besides, filing...
Here are the TDS compliances you will need to adhere to while buying or selling a house property.
Senior citizens receive extra bank benefits and privileges, including free on-demand services. Here are a few.
Young people like to play online games, and this trend is only going to get bigger with more money involved. Know here how much tax you should pay and for what...
The entire sale proceeds received by a woman on the sale of a property as alimony following a divorce is not considered as taxable income. One cannot claim 80C...
A senior citizen does not have to pay advance tax if he/she does not have any income taxable under the head ‘income from business or profession’. One can...
