Income Tax Articles
Unexplained cash credits under provisions of Income Tax Act 1961
Section 68 is a charging section, thus, if it is applicable, the assessee will not only be liable to pay the taxes but also penalty under section 271(1) (c) of the Income Tax Act, 1961.
Problem and Answer on Section 28(va) and Section 40(a)(ia) of the Income Tax Act, 1961
Section 40(a)(ia) is applicable only in case of interest, commission, rent, royalty, fees for professional or technical services etc. Amount taxable in the hands of recipient u/s 28(va) is not covered.
Capital Gain Exemption u/s 54EC
Section 54EC of the Income Tax Act,1961, provides for exemption from Capital Gains arising on transfer of a long term capital asset, being a land or building or both.
How to apply for instant PAN card online through Aadhaar
The facility for instant allotment of PAN Card through Aadhaar based e-KYC is now available on the Income Tax website.
How to make PAN Card Correction?
PAN holds extreme importance in India, not only for Income Tax purposes but also as a proof of identity. Know how to make PAN Card Correction online/Offline on NSDL website.
Taxability on gifts, rewards and rewards given to Sportsperson / Olympic Participants
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.
Definition of persons under IT Act 1961
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.
Difference between EPF, PPF & NPS and tax benefits around IT Employee Provident Fund
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
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.
Methods of Raising Finance for Running a Business
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.
Popular Articles
- Senior Citizen Saving Scheme From 1 July 2026 with 5 New Rules
- Income Tax Slab for Senior Citizens Above 60 Years for AY 2026-27: With Deductions, Rebates and Examples
- TCS Return Due Date: New Deadline For Tax Year 2026-27
- How Salaried Employees can save Tax under the New Tax Regime
- TDS Certificates for Non-Salary Income Gets a New Identity For FY 2026-27
- Input Tax Credit Under GST: The One Provision Where a Buyer Pays for a Supplier's Default
- 143(2) Scrutiny Notice Received: What is it and How to Respond Online?
- Best Fixed Deposit Interest Rates 2026 for General and Senior Citizens: Check Which Bank Gives Higher Returns?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
