Income Tax Articles

Understanding Different Deposits And Applicable Tax Benefits Around It

Posted by Taxblock 28 September 2021 1698 Views

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

Posted by CA Rahul Mittal 27 September 2021 7141 Views

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?

Posted by Varsha Nayyar 27 September 2021 1892 Views

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

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

Posted by Taxblock 25 September 2021 3367 Views

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.

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

Posted by Taxblock 25 September 2021 4743 Views

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.

Definition of persons under IT Act 1961

Posted by Taxblock 25 September 2021 1940 Views

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

Posted by Neethi V. Kannanth 24 September 2021 16059 Views

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

Posted by Taxblock 24 September 2021 2853 Views

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.

Capital gains and its taxability

Posted by Taxblock 24 September 2021 8048 Views

Capital gains are the amount of net profits(gains) that the investor makes from selling of any capital assets over the purchase price of that assets. The entir...