Income Tax Articles

Capital Gain Tax on Sale of Agricultural Land

Posted by Mitali 14 August 2023 8227 Views

The agricultural land in India serves as a fundamental pillar of the economy, playing a crucial role in generating employment and ensuring food security for the nation.

House Property Tax Planning

Posted by Shivani 12 August 2023 6668 Views

Income from house property refers to the rental income or deemed rental income that a person earns from a property they own, whether it's residential or commercial. The property can be located anywhere in India.

Various Types of PAN Applications

Posted by Ayush 12 August 2023 9439 Views

PAN stands for "Permanent Account Number." It is a unique, ten-digit alphanumeric identifier issued by the Income Tax Department of India to individuals, businesses, and entities for the purpose of tracking financial transactions and taxation.

Analysis of Sec 50C & 43CA of the Income Tax Act

Posted by Geetanjali Pandey 12 August 2023 10534 Views

Here, the author has tried to explain the applicability of two provisions of the Income Tax Act which is related to Immovable property being Land and building. ...

Can You Change Tax Regime When Filing Belated ITR from the Previous Year?

Posted by Rashmi 12 August 2023 2720 Views

Missing the initial deadline to file your Income Tax Return (ITR) for the fiscal year 2022-23 (Assessment Year 2023-24), which was July 31, 2023, need not cause undue concern. You can still submit your ITR after the original deadline by paying a penalty.

A Guide to Mastering Tax Deductions and Exemptions While Staying Compliant

Posted by Rashmi 11 August 2023 3768 Views

When you're filing your income tax return (ITR), it's crucial to be cautious while claiming tax exemptions and deductions. The tax department might ask for proof of the deductions and exemptions you've claimed in your ITR, both for the current year and past years. If you can provide the required evidence, there's no need to worry.

Buy or Rent: Which is the Better Choice?

Posted by Mitali 10 August 2023 5121 Views

Here is the detailed analysis regarding whether to buy a house or rent one in India, taking into account various factors, including income tax laws.

Consequences of Late Filing of ITR u/s 139(1)

Posted by Savan Patel 08 August 2023 6670 Views

Filing an ITR after the due date can have serious consequences, such as late filing fees, loss of carry-forward benefits, delayed refunds, interest on outstanding tax liability, penalty, and criminal prosecution. It is important to understand these consequences and to take steps to avoid them.

Speed Up Your Income Tax Refund: Simple Steps to Get Your Money Faster

Posted by Rashmi 08 August 2023 6304 Views

Receiving an income tax refund is like finding a little treasure in your mailbox, but the wait can be a test of patience. Luckily, there are practical ways to make the process quicker.

All about Advance Tax

Posted by Savan Patel 07 August 2023 4967 Views

Advance tax is a type of tax that is paid in installments throughout the financial year rather than as a lump sum at the end of the year. It is intended to help the government collect tax revenue in a more timely manner.