Introduction Taxation is an essential aspect of any country’s economic framework, as it plays a pivotal role in generating revenue for the government. In India, the taxation system is multifaceted, encompassing various aspects of individual and corporate income, including the taxation of business income. Business income taxation in India is subject to a complex set […]
How Business Income is taxed in India? Read More »
Search and Seizure : The Supreme Court on 06th April 2023 delivered a landmark verdict in case of Income Tax Officer vs Vikram Sujitkumar Bhatia and 114 connected cases ( in C.A. No. 911/2022 ) as it ruled that searches conducted before June 1, 2015 would also come under the amendment brought by the Finance
Allowances in Salary : Different types of allowances are given to employees by their employers. Generally allowances are given to employees to meet some particular requirements like house rent, expenses on uniform, conveyance etc. Under the Income-tax Act, 1961, allowance is taxable on due or receipt basis, whichever is earlier. Normally, there are 3 types
Partially Exempt Allowances in Salary Income Read More »
ITR Forms For Asstt Year 2023-24 : The Central Board of Direct Taxes (CBDT) has notified Income-tax Return Forms (ITR Forms) for the Asstt Year 2023-24 vide Notifications No. 04 & 05 of 2023 dated 10.02.2023 and 14.02.2023. These ITR forms will come into effect from 1st April, 2023 and have been notified well in advance
New Income Tax Return Forms – ITR Forms for Asstt Year 2023-24 Read More »
India’s Union Budget 2023 was presented by the Finance Minister on 1st February 2023. The budget focuses on boosting infrastructure, healthcare, education, and agriculture. Overall, the budget aims to create a self-reliant India and provide a boost to the country’s economic growth. Key Highlights and Amendments in Budget 2023 The new tax regime for Individual and
Budget 2023 : Amendments Relating to Direct Taxes Read More »
Income from salary is one of the major sources of income for individuals and is subject to income tax. As per the Income Tax Act of 1961, salary income is defined as any payment received by an individual in the course of his or her employment, including wages, gratuity, and retirement benefits. Basis of Charge
How to Compute Salary Income for Asstt Year 2023-24 Read More »
Deductions and Exemptions can help reduce your tax liability and increase your refund, but understanding the eligibility criteria, documentation requirements and the process of claiming them can be complicated. In this article, we will provide an overview of tax deductions and exemptions available and how to claim them. Difference between Deductions & Exemptions Deductions are
Understanding Income Tax Deductions and Exemptions Read More »
Cost of acquisition, as defined in Section 55(2) of the Income Tax Act, 1961, refers to the cost incurred by an individual or entity in acquiring an asset. This cost includes the purchase price, as well as any expenses incurred in connection with the acquisition of the asset, such as stamp duty and registration fees.
What is Cost of Acquisition in Capital gains as per Income Tax Act, 1961? Read More »
Income Tax on Sale of Shares : Section 112A provides that notwithstanding anything contained in section 112, a concessional rate of tax @10% will be leviable on the long-term capital gains exceeding Rs. 1,00,000 on transfer of – (a) an equity share in a company; or(b) a unit of a business trust; or(c) a unit
Long Term Capital Gain Tax on Sale of Shares – Section 112A Read More »
Section 54 F : Exemption of Capital gains in cases of investment in residential house Exemption under Section 54F of the Income Tax Act, 1961, the long term capital gains earned by selling a capital asset except a house property can be claimed from tax subject to the given condition. The capital assets comprise bonds,
Exemption under section 54F and 54EC Read More »
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