Income Tax Articles

Deductions Available Under the Indian Income Tax Act for Individuals and HUFs for FY 2023-2024

CA Pallav Singhania 27 April 2024 at 08:42

In this article, we'll explore the deductions available specifically for Individuals and HUFs for the financial year 2023-2024.

What is Inheritance Tax: Why the topic is trending in India?

Mitali 25 April 2024 at 12:15

Inheritance tax is a tax which is levied on the total value of money or at the time of transfer of wealth when an individual dies and leaves money or property to others.

Section 54F: Multiple Investments Allowed for Capital Gains in New Property

Khush Trivedi 25 April 2024 at 11:09

Section 54F of the IT Act provides capital gains exemption, excluding residential house sales, subject to conditions: invest net sales in new residential property within specified timelines, not owning more than one residential house.

Understanding Taxation for Non-Residents Foreign Income

CA Arun Tiwari 25 April 2024 at 08:43

In this article, we'll explore how non-residents are taxed on income from different sources, shedding light on important concepts.

Do You Have A Demat Account: Check Whether Tax Is Applicable On You For FY 23-24

Mitali 24 April 2024 at 14:24

Tax is applicable if transactions like buying and selling of shares are made through the demat account.

High Net Worth Individual's Tax Rates and Exemptions For FY 23-24

Mitali 23 April 2024 at 16:19

High-net-worth individuals (HNIs) are rich members of society who have significant financial resources.

Possession of material unearthed during search is prerequisite to invoke provisions of Section 153C of Income Tax Act

Affluence Advisory 23 April 2024 at 14:01

In the case of a non-searched person, whose books of account or documents were found during the search (referred to as "other person"), an assessment is made under Section 153C of the Act.

Can Interest Income on Fixed Deposits be treated as capital receipts?

CA Aman Rajput 23 April 2024 at 10:03

In this article, the author is going to discuss the details of the case of Deputy Commissioner of Income-tax v. BTW Atlanta Transformers India (P.) Limited., by examining arguments in above case, and the tribunal's decision, which will help us in understanding the broader implications for the taxpayers as a whole

Everything You need to about Filing ITR FY 23-24

CA Pallav Singhania 23 April 2024 at 08:39

As taxpayers in India gear up for another tax season, it's good to have the necessary knowledge to navigate the complexities of filing income tax returns for the financial year 2023-2024

Taxation of Immovable Property Sales by Non-Residents in India

CA Arun Tiwari 23 April 2024 at 08:39

Understanding the details of selling immovable property as a non-resident is crucial when it comes to taxes. Immovable property, commonly known as real estate, includes land, buildings, and permanent fixtures attached to the land. For non-residents looking to sell such assets in India, understanding the tax implications is vital.