Income Tax
Income Tax Deductions under Section 80RRB
Section 80RRB was introduced to ensure that someone who has done exceptional work gets their reward. In order to encourage individuals to keep producing good work, this section allows them to claim deductions in their income tax against payments ...
Faceless Assessment Scheme in Income Tax
The Central Government introduced the Faceless Assessment Scheme to provide greater transparency, efficiency and accountability in Income Tax assessments. All provisions introduced under Faceless Assessment, under the Income Tax Act, 1961, are ...
File your income-tax returns smoothly with these easy steps
The CBDT has again extended the timeline to file FY 2020-21 income tax returns (ITRs) to December 31, 2021, from the earlier extended timeline of September 30, 2021, for individual taxpayers and assessees other than those whose accounts are liable ...
Notices Issued Under the Income Tax Act
You may be surprised to receive an intimation/notice from the income tax department even if you have filed your income tax returns within the due date. You would not be sure about what it is and how to respond to it. Don’t worry; we will break it ...
How to file ITR-1 with Rental Income?
Budget 2021 update :It has been proposed to exempt the senior citizens from filing income tax returns if pension income and interest income are their only annual income source. Section 194P has been newly inserted to enforce the banks to deduct tax ...
All about SFT codes in Annual Information Statement (AIS)
List of SFT Codes SFT- 001: Purchase of bank drafts or pay orders in cash SFT- 002: Purchase of pre-paid instruments in cash SFT- 003: Cash deposit in the current account SFT- 004: Cash deposit in account other than current account SFT- 005: Time ...
Respond to Notice Under Section 143(2)
Getting a notice from the income tax department can leave you in panic mode. You may not be sure if you have to accept the notice in the first place. Even if you do, you may be unsure how to respond to it. You must know that different notices would ...
Section 40(A) 2: Disallowances of Expenses to Specified Person
If you are running a business or a profession you are allowed to claim its expenses from your income. However, these expenses may not be allowed if you make payments to specified persons who are listed in the Income Tax Act. Where payment made to ...
19 Most Important Financial Ratios for Investors
List of most important Financial ratios for investors: Reading the financial reports of a company can be a very tedious job. The annual reports of many of the companies are over hundreds of pages which consist of a number of financial jargon. ...
Guide to Sections 269SS and 269T of Income Tax
Sections 269SS and 269T have been discussed in this article and this deals with cash payment and repayment of loans and deposits. Both the sections were introduced to curb the black money. Tax evasion is one of the serious problems in India causing ...
Complete analysis of Perquisites: Meaning, Types & Taxability
Perquisites are fringe benefits that are received over and above an employee’s salary. These fringe benefits or perquisites can be taxable or non-taxable depending upon their nature. There are a number of benefits that come in addition to an ...
Listing of PayTm Shares at Varied Prices
International brokerage firm Macquarie has initiated coverage on Paytm stock with ‘underperform’ rating, and a target price of Rs 1,200 per share. Macquarie’s target price on Paytm shares is 44% lower than the IPO price of Rs 2,150. Earlier today, ...
Medical Insurance under Section 80D
Medical emergencies always take us by surprise. It is always better to be safe than sorry, and it is no different when it comes to medical insurance. The majority of the population in India are not covered under health insurance and depend on their ...
Process to Update Income Tax Profile Details
Developed by Infosys, this new user-friendly portal is now used to file income tax online and do all the related tasks. The design of the new portal makes the process of filing returns easy and convenient, and it has reduced the ITR processing time ...
Income Tax Rebate Under Section 87A
A rebate under section 87A is one of the income tax provisions that help taxpayers reduce their income tax liability. You can claim an income tax rebate under section 87A if your total income does not exceed Rs 5 lakh in a financial year. Your income ...
How to Pay Property Tax Online in Delhi?
Property tax is the amount that is paid by the landowner to the municipal corporation or the local government for his/her area. The tax must be paid every year. Property, office buildings, and residential homes that are rented out to third parties ...
Section 80TTB Deduction for Senior Citizens
Old age is often associated with health concerns, both physical and mental for senior citizens, which in turn takes a heavy toll on their finances. Therefore, it is necessary to provide them with adequate relaxations in the form of tax deductions. ...
How is Gift Tax Charged & Taxed in India?
The Parliament of India introduced the Gift Tax Act in 1958, and gift tax is essentially the tax charged on the receipt of gifts. The Income Tax Act states that gifts whose value exceeds Rs.50,000 are subject to gift tax in the hands of the ...
What is Fundamental Analysis in Business?
What Are Fundamentals? Fundamentals include the basic qualitative and quantitative information that contributes to the financial or economic well-being of a company, security, or currency, and their subsequent financial valuation. Where qualitative ...
Easy Process to Verify Bulk PAN & TAN on New Tax Portal
What is the Method to Manual Check Bulk PAN/TAN Service? The validation of the Bulk PAN or TAN service is available to external firms. The external firms consist of the Union and State Govt Departments or undertakings, RBI-approved Banks, recognized ...
Section 115BAC – Features of the new tax regime and its benefits
Individuals and HUF taxpayers are eligible to choose a new tax regime from FY 2020-21. From FY 2020-21, you can choose to pay income tax under an optional new tax regime. The new tax regime is available for individuals and HUFs with lower tax rates ...
Why it is always beneficial in Value Investing?
What Is Value Investing? Value investing is an investment strategy that involves picking stocks that appear to be trading for less than their intrinsic or book value. Value investors actively ferret out stocks they think the stock market is ...
Foreign Subsidiary Company Compliances in India
All companies established in India must follow the rules and regulations set up by the government. This is in effect, regardless of whether Indian or Foreign entities or citizens own the companies. The only difference between the two is that ...
How to Be the Perfect Copycat Investor
Copycat investing, as the name implies, refers to the strategy of replicating the investment ideas of famous investors or investment managers. The strategy is also known as coattail investing since the investor rides on the coattails of those who ...
What is National Pension Scheme (NPS)
National Pension Scheme (NPS) India is a voluntary and long-term investment plan for retirement under the purview of the Pension Fund Regulatory and Development Authority(PFRDA) and Central Government. We have covered the following in this article. ...
HRA-House Rent Allowance Exemption Rules & Tax Deductions
Salaried individuals, who live in rented houses, can claim the House Rent Allowance (HRA) to lower their taxes – partially or wholly. The allowance is for expenses related to rented accommodation. If you don’t live in rented accommodation, this ...
How Does Arbitrage Funds Work & its Benefits?
The word arbitrary generally refers to random, whim, or taking a chance. Similarly, an arbitrage fund takes advantage of changing prices of securities to buy and sell in seemingly random, but calculative moves. What is an Arbitrage Fund? Arbitrage ...
10 Serious Offences Under Income Tax Act with Penalties
The taxpayer who has disputed within the provision of the income tax act 1961 shall be subjected to file the penalty. The penalty will be imposed on the levied amount and is distinct from the tax that is needed to pay. The fines and penalty shall be ...
Avoid unaccounted UPI transactions
We are living in a modern world, where we are using various types of gadgets and apparatus for our facilitation. The development of the internet is one of the most important inventions in our life. The internet has brought the world to our ...
Agricultural Income – Overview & Taxability
Agriculture is said to be the primary occupation in India. It is usually the only source of income for the large rural population in India. The country as a whole is entirely dependent on agriculture for its basic food requirements. The government ...
Important Things about Annual Information Statement (AIS)
Diwali symbolizes the victory of light over darkness, good over evil and knowledge over ignorance. This is a festival of lights, gifts, feasts and sweets. There is the custom of exchanging gifts on Diwali to show up the feeling of togetherness, love ...
Section 80E Income Tax Deduction or Interest on Education Loan
An education loan helps you finance your foreign studies and save you a lot of tax as well. If you have taken an education loan and are repaying the same, then the interest paid on that education loan is allowed as a deduction from the total income ...
Who is required to pay Dividend Distribution Tax (DDT) and at what rate?
A dividend is a return given by a company to its shareholders out of the profits earned by the company in a particular year. Dividend constitutes income in the hands of the shareholders which ideally should be subject to income tax. However, the ...
What is Pension, Its Types & Is it Taxable?
What is a pension? A pension is a retirement fund for an employee paid into by the employer, employee, or both, with the employer usually covering the largest percentage of contributions. When the employee retires, she’s paid in an annuity calculated ...
What are the benefits & uses of Indexation?
Indexation plays an important role in calculating gain or loss on your investments. Indexation will reduce your overall tax liability by adjusting the purchase price of the underlying asset or investment. You will be able to realise higher gains as ...
Benefit of Minor PAN Card, Procedure to Apply & Income Tax
Most Indians are under the impression that a PAN Card can only be allotted once a person turns 18 years of age. However, this is a myth as Minors can also apply for PAN Card and the Income Tax department also allots PAN Card to Minors without any ...
Popular Investments options under Section 80C
Section 80C is the most widely used section for claiming Income Tax Deductions. This Section allows a deduction of Rs. 1,50,000 can not only be used by Salaried Individuals but can be used by all categories of Taxpayers irrespective of the source ...
Form 15G & Form 15H to Save TDS on Interest Income
Forms 15G & 15H: What can you do to ensure the bank does not deduct TDS on interest if your total income is not taxable? Banks have to deduct TDS when your interest income is more than Rs.40,000 in a year for individuals other than senior citizens ...
What is Income Tax E-Assessment Scheme?
The Central Government introduced the Faceless Assessment Scheme to provide greater transparency, efficiency and accountability in Income Tax assessments. All provisions introduced under Faceless Assessment, under the Income Tax Act, 1961, are ...
What is Take Home Salary, and How to increase take-home salary?
Take-home salary is the amount received by an employee after subtracting all the deductions from his package or CTC (Cost to Company). The formula for computing the take-home salary is Take home salary= Basic Salary + Allowances – Deductions ...
Next page