Income Tax Articles

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

Posted by Tarun Kumar Madaan 26 May 2023 9305 Views

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

Posted by Rashmi 25 May 2023 4152 Views

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.

An Overview of Trusts

Posted by Mohd Zain 25 May 2023 4930 Views

A Trust is not a separate legal entity, therefore the tax law uses the concept of the representative assessee to tax the trust as given under section 160 of the Income Tax Act, 1961.

Comprehensive Guide to Gold Purchases, Possession Limits and Taxation in India

Posted by Rashmi 24 May 2023 43134 Views

Considering the cash transaction limits under income tax laws, transactions in cash above Rs 2 lakh in a single day are not permitted. Section 269ST of the Income Tax Act, 1961, prohibits cash transactions exceeding Rs 2 lakh in a single day or in aggregate from a person.

Employee Stock Option Plan (ESOP) and its taxability

Posted by Affluence Advisory 23 May 2023 4318 Views

ESOP are employee benefit plans that offer employees ownership interest in the organization they work. In other words, ESOP are the right / option given to eligible employees by the employers to buy equity shares of the company at a predetermined rate within a stipulated time.

Procedure for Registration as Legal Heir on the New Income Tax Portal

Posted by Neethi V. Kannanth 23 May 2023 14043 Views

The New Income Tax Portal has now enabled the Registration as Legal Heir, which will ensure easy filing of Income Tax Return (ITR) of a deceased person.

Tax-Saving Fixed Deposits: Features, Benefits and More

Posted by Ayush 23 May 2023 2127 Views

In this article, we will cover what a tax-saving fixed deposit is and how you can benefit from it.

Income Tax Return for AY 2023-24: Major Update for ITR Filters

Posted by Pranab Banerjee

22 May 2023 7389 Views

If you file your income tax return (ITR File) every year, you need to read this update. The ITR-2 offline form has been issued by the Inland Revenue Department for filing income tax returns for the tax year 2022-23 (A.Y 2023-24).

TCS on Credit Card Payments: Impact on International Transactions and How to Navigate the Changes

Posted by CA Krishna Kumawat 22 May 2023 9319 Views

With the recent amendments in the Foreign Exchange Management Act (FEMA), international credit card spending now falls under the Reserve Bank of India's (RBI) Liberalised Remittance Scheme (LRS).