Income Tax Articles

Form 26AS: Transition from Annual Tax Statement to Annual Information Statement

CA Pratik Bhavsar 23 June 2020 at 17:37

Form 26AS (Tax Credit Statement) is the Annual Tax Statement in which the details of tax credit are maintained for each taxpayer as per the database of Income-tax Department.

Do I have to pay tax on Cashbacks?

Galactic Advisors 22 June 2020 at 17:29

As the nation eases out of lockdown, we're soon going to be rushing to the stores for some much-needed retail therapy and more-than-necessary vacationing.

The New Regime of Taxation

CA Hetal Thakkar 22 June 2020 at 09:45

In order to provide significant relief to the individual taxpayers and to simplify the Income-tax law, the Finance Act 2020, has recently introduced new concessional personal tax regime, (hereinafter referred as 'New tax regime'), by inserting Section 115BAC in the Income-tax Act,1961

Is Transfer of TDR Taxable under Capital Gain

Parth Shah 19 June 2020 at 15:53

In Real E-State sector Transfer TDR is prominent method for utilizing the potential. Where in Holder of TDR transfer the TDR generated from waving the right, su..

What is Form-16 for salaried Individuals?

Ritika Agarwal 19 June 2020 at 13:07

Form 16 can't be downloaded by an employee, it can only be issued by your employer. Form 16 is a TDS Certificate and it is to be issued by your employer only.

Section 115BAC of Income Tax Act at a Glance

Sudiesh 19 June 2020 at 12:50

There is a new section called 115BAC intserted in Income Tax, 1961. This is going to effect from AY 2021-22. An assessee can opt old system or new as he wish. When an assesse opting for New he will lose some exemptions/deductions/carry forwad loss etc