Income Tax Articles
Taxability of PF contribution
There are different types of provident funds from which a person can choose from for the purpose of investment or regular savings for retirement. They are discussed in detail in this article.
Section 40A(2)(b) of Income Tax Act, 1961
Section 40A(2) of the Income Tax Act lays down provisions for the disallowance of certain payments to relatives. Let us discuss persons covered u/s 40A(2)(b).
Income Tax Calculator for FY 2023-24
This Article has an Automatic Income Tax Calculator in Excel Format for Financial Year 2023-24 (AY 24-25). The income Tax Calculator is Useful for salaried employees of the government and private sector.
AOs Mandated to Issue Low TDS Certificates Based on Rule 28AA Principles
For issuance of Low TDS Certificate, AO cannot see profitability of assesses; But has to rely on 4 principles of Rule 28AA
Section 194LBA | TDS on Certain Income from Units of a Business Trust
Discussing Section 194LBA of the Income Tax Act 1961, which deals with the TDS on Certain Income from Units of a Business Trust including its meaning, rate of TDS, eligibility requirements etc.
Unlock the door to tax savings with Section 80C!
From securing your future with investments in EPF, PPF, or ELSS, to safeguarding your loved ones with life insurance premiums, 80C offers a treasure trove of opportunities.
Clubbing of income under Income Tax Act
Clubbing of income refers to the practice of treating the income of one person as the income of another person for the purposes of taxation. This is usually done in cases where the income is earned by one person but is intended to benefit or be used by another person.
Section 194R TDS
Responsibility to deduct TDS under this section is not casted on the Individual/HUF in case the total sales during the immediate preceding financial year do not exceed 1 Crore rupees in case of business and 50 Lakh rupees in case of the profession.
Transport Allowance: How To calculate it?
Transport allowance granted to an employee to meet his expenditure for the purpose of commuting between the place of his residence and the place of his duty is fully taxable
Steps to Computation of TOTAL INCOME
Income-tax is levied on an assessee's total income. Such total income has to becomputed as per the provisions contained in the Income-tax Act, 1961. Let us go step bystep to understand the procedure of computation of total income for the purpose of l
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