Income Tax Articles

APPEALS AND REVISIONS UNDER INCOME TAX ACT, 1961 The Constitution of India guarantees the citizens of the country certain fundamental rights. Therefore , under any system of rule of law , the right to appeal for redressal of one’s grievances is generally in built. Under the Income Tax Ac..

Introduction- Angel Tax Relief vide latest DIPP notification dated 16th January 2019 has provided the exemption from under clause (viib) of sub-section (2) of section 56 for startups and Investors. The application for approval shall be made in Form-2 to DIPP along with the specified document..

Section 197A Section 197A provides that if a declaration in a prescribed form (Form no. 15G - Form 15 H) is submitted by the recipient of income to the payer, then no tax is deductible under following sections: Section No. Nature of Payment ..

Introduction- Section 80E allows deduction in respect of payment of interest on loan taken from any financial institution or any approved charitable institution for higher education for the purpose of pursuing his higher education or for the purpose of higher education of his spouse or his childr..

DEDUCTION IN RESPECT OF DONATIONS TO CERTAIN FUNDS, CHARITABLE INSTITUTIONS [SECTION 80G], INCOME TAX ACT, 1961. The Government has done a lot to remove income disparity, poverty, illness and discrimination in India. The Government has also contributed in social welfare of the society. We are liv..

Tax Planning for the Creation of a Hindu Undivided Family through a Will One of the important means of tax planning which can be adopted through a Will is the creation of a Hindu Undivided Family (HUF). Under the provisions of Section 64(2) where a member of a Hindu impresses his self-acquir..

Whether you are a loyal taxpayer or a first timer, if you haven't been planning your taxes, you will end up paying more tax than you should. When only three months are left for April 1, unofficial tax saving season is already here when both salaried and non-salaried taxpayers start going through the..

Income from the gain on sale of shares was exempt until FY 2017-18. From the current FY 2018-19 the same has become taxable w.e.f 1st April 2018. Therefore, in the upcoming tax filing, the tax will be calculated according to the revised provisions. The provisions w.r.t to tax on sale of shares ha..

When Individual/ HUF are required to deduct tax at source under these five sections? Consider  the following proviso to section 194A(1): “An individual or a Hindu undivided family(HUF), whose total sales, gross receipts or turnover from the business or profession carried on by ..

Tax liabilities burn a hole every year in your savings. A massive chunk of your earnings is deducted from your account in the name of taxes. Majority of people try to hide their income sources or do not pay taxes, just to save that money. But, there are many ways in which you can reduce your tax lia..