Income Tax Articles

Taxation and Digital Economy

Sakshi Maheshwari 03 June 2023 at 09:12

The rapid growth of the digital economy has transformed the way we live, work, and interact with each other. From online shopping and streaming services to social media and remote work, digital platforms have become an integral part of our daily lives.

Section 80DD: Claim tax deduction on medical expenses for disabled persons

Pranab Banerjee 01 June 2023 at 09:06

Individuals or HUFs can claim an exemption under Section 80DD of the Income Tax Act for a disabled person who is wholly dependent on the Individual/HUF for support and services.

An Overview On: e-Appeals Scheme 2023

RN Mohil 31 May 2023 at 09:10

The Income Tax department has introduced the e-Appeals Scheme, a significant development aimed at streamlining the process of filing and processing appeals through electronic means.

Annuities and Taxes: How Annuities are Taxed and Tax Strategies for Annuity Holders

Suhasini 30 May 2023 at 11:06

In this article, we'll dive into the details surrounding taxation strategies for annuity holders and explain why understanding these strategies is essential when investing in an annuity. We'll also discuss how different types of annuities can impact your taxes and what you need to know about filing taxes on your investments when using them for retirement planning purposes.

TDS on ESOP prerequisite by eligible startups

Affluence Advisory 30 May 2023 at 08:55

Income-tax Act, 1961 permitting deferral of the timing of TDS deduction on ESOP prerequisite from the employees.

Taxation Rules for Leave Encashment - Brief Overview

CS Lalit Rajput 27 May 2023 at 15:56

Leave encashment is a process in which an employee receives monetary compensation in exchange for unused or accumulated leave days. In many organizations, emplo..

Enhanced Tax Exemption on Leave Encashment: Non-Government Salaried Employees in FY 2023-24

CA Rakesh Ishi 26 May 2023 at 13:27

The Finance Ministry recently announced a significant increase in the tax exemption limit for leave encashment on retirement for non-government salaried personnel. The limit has been raised from ₹3 lakh to ₹25 lakh, effective from April 1st, 2023.

Statutory Tax Compliance Tracker - June 2023

CS Lalit Rajput 26 May 2023 at 10:11

1. Compliance requirement under Income Tax Act, 1961 Sl. Compliance Particulars Due Dates 1 Due date for deposit o..

Can you get Tax Deductions for Both HRA and Home Loan Interest Simultaneously?

Tarun Kumar Madaan 26 May 2023 at 08:59

House Rent Allowance (HRA) is an allowance employers provide to cover the expenses of rented housing for employees. The Income-tax Act allows for an exemption on HRA if an employee resides in a rented house. Additionally, the Act permits a deduction on the interest paid by an individual taxpayer on a home loan.

CBDT launches Tax Calculator for FY 2023-24

Rashmi 25 May 2023 at 09:01

The Central Board of Direct Taxes (CBDT) has introduced a new Income tax calculator for the financial year 2023-24. This calculator is designed to be user-friendly and helps individuals and businesses calculate their tax obligations more easily.