Income Tax Articles
Beware of impact for delayed payment to MSMEs and its impact in Income Tax, GST and other laws
There have been a lot of talks about the new provision that the government has proposed to bring for boosting the MSME Sector.
Bank Reconciliation Statement With An Example
Bank Reconciliation Statement is a statement prepared mainly to reconcile the difference between the 'Bank Balance' as shown by the Cash Book and the 'Bank Balance' shown by the Bank Pass Book.
Procedure of transfer of shares by gift & tax implications
In some occasions, gift to individual is exempted such at marriage and gifts receipt by a person from his/her relatives. The definition of relatives has been given in Section 2(47) of the Companies Act, 2013.
Income Tax Calculation: Old Regime Vs New Regime
In India, the income tax is governed by the Income Tax Act, 1961 and is imposed by the Central Board of Direct Taxes (CBDT). The taxable income of an individual is taxed at different slab rates, based on the individual's income level.
Old vs. New Personal Tax Regime: An Explainer on Making an Informed Choice
With a view to rationalize the personal tax slabs and simplifying the complex maze of a plethora of deduction claims of individuals and HUFs in their income tax returns, the Government has introduced a new regime of personal tax, by introducing a new section 115BAC w.e.f. FY 2020-21 and onwards.
Cap on Capital Gain Deductions u/s 54 & 54F of IT Act 1961
In this article, we are going to discuss changes brought in the taxation of Income from Capital Gain.
Key Highlights On Section 194 TDS On Payment Of Dividend
Section 194 of the Indian Income Tax Act governs the TDS (Tax Deducted at Source) on payment of dividends.
Treatment of income from house property in hands of salaried personals
As you are aware that, the period of Jan-March is a period in which we salaried personal are in tremendous stress to save our taxes and the instruments in which we have to invest to save taxes.
An Overview on: Annual Information Statement (AIS)
The Annual Information Statement (AIS) in Form 26AS is a comprehensive view of information for a taxpayer that includes details of tax credits received from various deductors/collectors, tax payments made by the taxpayer, and any tax refund received by the taxpayer.
An Overview Of Form 10BA
Form 10BA is a tax form used in India for declaring deductions claimed under Section 80GG of the Income Tax Act. This section allows for deductions on rent paid for residential accommodation if the individual does not own a house or if the house is not available for his use.
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