Income Tax Articles

Depreciation under Income Tax Act: How to calculate depreciation on the WDV of a Block of assets?

Khush Trivedi 27 May 2024 at 11:53

Depreciation is calculated annually based on the two methods. Check out the two methods to calculate depreciation.

How much income tax can be saved if your annual income is above 10 lakhs

Priya Mulukutla 24 May 2024 at 14:06

How to Save Tax if Salary is Above 10 Lakhs: know the rate, exemptions and calculation for filling your return.

Best Judgement Assessment - A Thoughtful Analysis!

Leena TheRaja 24 May 2024 at 08:38

Section 144 of the Income Tax Act outlines the procedure for making assessments when a taxpayer fails to fulfill certain obligations, such as submitting returns or complying with notices issued by the Assessing Officer.

What are Different GST Offline Tools in India?

Arushi Agarwal 22 May 2024 at 08:45

This article aims to provide a comprehensive guide to different GST offline tools in India, their uses, and where to find them.

Aam Toh Aam, Par Kya Hai Guthliyo Pe Daam (Tax)?

CA Umesh Sharma 21 May 2024 at 08:45

Around 21 million metric tons of mangoes are said to be produced in India in FY 22–23, making it the largest producer of mangoes globally. What is your view on this love story between Indians and mangoes?

Mastering in Advance Tax

CA Anoop Kumar Sharma 21 May 2024 at 08:45

In this article, we tried to explore and discuss various aspects of advance tax in India like what it is, when it applies, and how to calculate with examples and pay it timely to avoid any unnecessary interest or penalties.

Capital Gain From Foreign Shares

Khush Trivedi 20 May 2024 at 08:34

Do you know about the taxation of foreign stocks under the provisions of the Indian Income Tax Act? Let's elaborate on the same.

Section 50: Capital Gain on sale of depreciable asset

Khush Trivedi 20 May 2024 at 08:34

As we are all aware, the sale of any capital asset results in capital gain and is taxable under the Capital Gains of Income Tax Act of 1961. But have you heard that the sale of depreciable assets also results in capital gains in some circumstances? Let's understand what it is!

Transactions Reporting under SFT

CA Anoop Kumar Sharma 16 May 2024 at 08:38

SFT is a mechanism for monitor high-value transactions conducted by Assessee/customer; a significant regulatory measure was introduced with the inception of Form 61A under Section 285BA, effective from April 1, 2004, as per Notification No. 182/2005 dated July 11, 2005.

Income Tax India's AIS Upgrade: A Closer Look at New Functionalities

Abhishek Raja 16 May 2024 at 08:38

The Income Tax Department has now upgraded the AIS functionality, allowing taxpayers to track the confirmation status of information reported by sources like banks. This new feature aims to increase transparency by displaying if the source has accepted or rejected feedback on incorrect data in the AIS.