Income Tax Articles
Gross Total Income: How to Calculate It?
Gross Total Income are the total income earned by an individual or entity before subtracting any deductions or taxes. It includes income from various sources such as salary, wages, business income, capital gains, interest, dividends, rental income, and any other sources of income.
Whether Section 186 is exempted to NBFC
In the following article, the author will explore a very significant subject concerning the applicability of Section 186 to non-bank financial companies (NBFC)....
Bird's Eye View on sum payable to micro and medium enterprises disallowed u/s 43B(h) of the IT Act, 1961
Section 43B of the Act provides a list of expenses to be allowed as deduction under the head 'Income from business and profession'. It states some expenses that can be claimed as deduction from the business income only in the year of actual payment and not in the year when the liability to pay such expenses is incurred even if the assessee follows mercantile basis of accounting.
Condonation of Delay in Filing ITR
As we know that every assessee or taxpayer has to file their Income Tax Return within time prescribed i.e. 31st July/31st October under section 139(1)/139(4) of Income Tax Act, 1961.
Buying a Property? Hold Up! Let's Talk TDS on Seller's Residency
Whether you're buying from a resident Indian or a non-resident Indian (NRI) seller, different TDS rules apply, and navigating them can be tricky.
Capital Gain Tax on Sale of Agricultural Land
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.
Tax Resident Certificate
In order to obtain the relief from double taxation of income under DTAA, one must obtain a certificate of residence known as Tax Residency Certificate. Tax Residency Certificate once issued is valid for an entire financial year.
Capital Gains Tax India
Capital gain is the profit made from the sale of a capital asset, such as real estate, stocks, or bonds. The capital gain is the difference between the purchase price of the asset and the selling price. If the selling price is lower than the purchase price, the result is a capital loss.
TDS On Sale Of Property For NRI
While selling a property, the buyer is required to deduct a certain percentage of the sale amount as TDS. TDS on property sale is a mechanism to ensure that taxes are deducted at the time of property transactions.
CBDT issues order giving effect to the Budget proposal of remitting petty tax demands
In the Interim Budget 2024-25, The finance minister proposed to withdraw direct tax demands up to INR 25000 pertaining to the period up to tax year 2009-10 and up to INR 10000 for tax years 2010-11 to 2014-15.
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