Income Tax Articles

FAQs on Annual Information Statement (AIS)

Posted by Jatin Pal 29 November 2021 10545 Views

FAQ's on Annual Information Statement

Will profit on sale of a car used for personal purposes be taxable under the IT Act?

Posted by FCS Deepak Pratap Singh 29 November 2021 8499 Views

Whether the profit on sale of a car in personal use for 6 years be taxable under provisions of the Income Tax Act, 1961

What is tax planning and why it is so important for individuals or businesses

Posted by Taxblock 29 November 2021 2138 Views

Tax planning is a process of analyzing one's financial situation during the year and coming up with various exemptions and deductions that reduces tax liability in a legitimate manner.

Assessment of incriminating material found during Income Tax Search u/s 153A

Posted by CA.Mohit Gupta 28 November 2021 2110 Views

Section 153A provides the procedure for completion of assessment in case of a person where a search is initiated under Section 132 or books of account or other documents or any assets are requisitioned under Section 132A after 31st May, 2003 but on or before the 31st Day of March'2021.

Whether sum paid through MODVAT credit is not allowed as deduction u/s 43B

Posted by FCS Deepak Pratap Singh 27 November 2021 2563 Views

Section 43B(a), deduction is allowed on "any sum payable by the assessee by way of tax, duty, cess or fee." The scheme of s. 43B is to allow deduction when the sum is actually paid.

Section 194K- TDS on Income from Mutual Funds

Posted by Manzil Arora 26 November 2021 12164 Views

TDS of 10% will be applicable only on dividend income earned by investors in mutual funds and capital gain on sale of mutual funds is not covered in this section

Direct taxes v/s Indirect taxes in India

Posted by Ishita Ramani 24 November 2021 7312 Views

Indirect and direct taxes are the two most common types of taxes in India. In India, all taxes must be preceded by legislation passed by both the Parliament and State Legislatures.

Deductions to look out for while filing your Income Tax Return

Posted by Ritik Chopra 22 November 2021 10183 Views

In this article, the author has discussed the deductions to look out for while filing your Income Tax Return.

Some Facts Related to Fixed Deposits

Posted by FCS Deepak Pratap Singh 22 November 2021 3335 Views

We know that Bank Fixed Deposits /Recurring deposits are the most trusted instruments for savings in our country. The people generally wants to deposit their hard earned money in bank in FDs/RDs.

Section 80EEB of Income Tax Act: Interest on Electric Vehicle

Posted by CA Piyush Agarwal 22 November 2021 11243 Views

A new section 80EEB of Income Tax Act, 1961 has been introduced allowing a deduction for interest paid on loan taken for the purchase of electric vehicles from the AY 2020-21.