Income Tax Articles
Old/New Tax Regime- What will help you save Tax?
From the Assessment Year 2021-22 and thereafter, the taxpayers will have the option to discharge their income tax liability either as per Old Tax Regime or as per New Tax Regime.
10 Reasons Why an Income Tax Notice maybe issued to you!
Worry is a side-effect of an Income Tax notice being issued in your name but just a notice doesn't conclude anything. One may get the notice due to multiple reasons which could include not filing the return on a timely basis, calculation errors, improper reporting of income (not concealment) or even claiming excessive losses.
Tax Implications on Income earned from Mutual Fund
India has plethora of investment instruments which are available, for an investor, to park his idle funds. At times, it becomes really difficult for a person to select one such instrument, which would reap him good gains.
Investments to claim deduction under section 80C
PPF 80-C Deduction or Investment
Taxation of gifts under the Income Tax Act
Taxation of gifts under the Income Tax Act
Income tax updates from the month of October 2019
The objective of this document is to summarize all the updates of Income Tax (Notifications, Circulars, other amendments and updates) in one place. The same are being summarized below, along with our opinions on certain clarifications.
Taxation of charitable trust or religious institution
In India, trusts set up for the social causes and approved by the Income Tax Department get not only exemption from payment of tax but also the donors to such trusts can deduct the amount of donation to the trust from their taxable income u/s 80G
Key Amendment as per Finance Act 2020 applicable from 01-04-2020
As per the Finance Act 2020 various amendments have been brought in the Income Tax Act. Amendments like conditions to qualify as a non-resident will take effect from the 1/04/2020
TCS: The new move
TCS operates on the very principle of TDS i.e. Tax Deducted at Source but in practical operation, it is exactly opposite of it.We shall focus upon the provisions of TCS as applicable (under Section 206C of the Income Tax Act, 1961).
Changes in NGO registration under Income Tax
It may be mentioned that certain provisions of the Act provide that an exempt entity may accept donations or certain sum for utilisation towards their objects or activities in respect of which the payer, being the donor, gets deduction in computation of his income.
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