Under the Income Tax law of India, every income earned during the financial year by any person is chargeable to income tax in the assessment year as per the provisions given under section 4 of the Income-tax Act, 1961. The…
Please refer the PL dated 26th February 2024.
As per the new tax scheme :In the case of self-occupied property, interest on a home loan is not a deductible expense. If this is let out then it is deductible.Although this is deductible under the old tax scheme either self-occupied…
What is ITR? ITR stands for Income Tax Return. It is a summary of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. How many types of forms to…
Income Tax shall be deducted by the buyer/purchaser/transferee on payment against the purchase of immovable property. These points must be kept in mind for dealing with Non-Resident for transfer of immovable property-
Applicability of the Income Tax on the Domestic Indian Companies. In India, there are two tax schemes available for the India Domestic companies. Normal Tax Rates and Special Tax Rates. Under the Normal Tax Rates. Turnover of company Tax Rate…
When it comes to tax saving, most people consider only those options that come under 80C, however, the truth is you can bring down your tax liability further by claiming tax deductions on the best available options. SECTION NATURE OF…
As per income tax laws, ITR must be filed if a resident individual’s total income during the financial year exceeds the basic exemption limit. Remember, the basic exemption limit for an individual depends on his/her age, provided he/she opts for…
TDS Deduction from Salary- It is the liability of the employer to deduct tax at source from salary under section 192 of the Income Tax Act, 1961. Tax must be deducted at the average rate calculated based on the rates…