Income Tax Articles

Side Effects of poor functioning of New Income Tax Portal

CA Umesh Sharma 29 September 2021 at 09:36

Due to technical glitches on the new Income Tax portal, taxpayers have failed to file Income Tax Return, Audit Report and there is a delay in submission of Financials in the bank for loan purposes.

What are Liquid Mutual Funds?

Ritik Chopra 29 September 2021 at 09:29

In this article, the author explains the meaning of liquid mutual funds, their suitability and their advantages.

Understanding Different Deposits And Applicable Tax Benefits Around It

Taxblock 28 September 2021 at 09:35

Bank gives scheme under different types of deposit and account. In this article we will discuss about them in detail and we will also discuss the tax benefits you get under Income Tax Act.

Dont Forget To Include These Incomes In Your Income Tax Return

CA Rahul Mittal 27 September 2021 at 10:19

In this article, we will discuss the incomes that are part of taxable income but many taxpayers don’t include these incomes in their income tax returns.

Which individuals are required to file ITR and which ITR form is to be used?

Varsha Nayyar 27 September 2021 at 10:19

Any individual or HUF whose total income before deducting CH VI A deductions and Sec 54/54B/54D/54EC/54F/54G/54GA/54GB is more than the basic exemption limit

How to determine the residential status and what are the different residential statuses

Taxblock 25 September 2021 at 12:52

An individual may be a citizen of India but may end up being a non resident for that particular year. The residential status of different categories of taxpayers is assessed differently.

Difference between EPF, PPF & NPS and tax benefits around IT Employee Provident Fund

Taxblock 25 September 2021 at 12:52

Under this scheme, the employer and employee both contribute 12% of the employee's salary and dearness allowance to the employee's provident fund account every month.

Definition of persons under IT Act 1961

Taxblock 25 September 2021 at 12:52

According to section 2(31) of the Income-tax Act, a 'person' includes - Individuals, Partnership Firms, HUF, Companies, AOP, Local authorities, or any other artificial judicial person.

Methods of Raising Finance for Running a Business

Neethi V. Kannanth 24 September 2021 at 16:16

Financing plays a major role in business. A business can flourish only when the finances are well managed. From Start-up to expansion of business and even to carry day to day business, funds are needed.

Taxability on gifts, rewards and rewards given to Sportsperson / Olympic Participants

Taxblock 24 September 2021 at 09:46

In India, a gift is exempted up to Rs. 50,000 and gifts from specific relatives such as parents, spouses and siblings are also exempted from tax. Gifts other than those received from specified relatives are taxable.