Income Tax Articles

Is Stipend Taxable

Mitali 22 February 2024 at 16:00

A stipend is a sum of money paid to someone which are typically smaller than salaries and are provided to individuals to support them financially while they gain knowledge and experience through education, training, or specific positions.

Payments to MSME vendors

anmol bohra 22 February 2024 at 14:37

Section 23 of the MSMED Act provides that where the assessee is liable to make payments of interest under or in accordance with the provisions of the MSMED Act, no deduction shall be allowed to the assessee for such payments for calculating taxable income under the Income Tax Act.

Demystifying Section 54F of the Income Tax Act

CA. Bhavik P. Chudasama 22 February 2024 at 09:47

Selling a capital asset, such as a commercial property or land, often results in substantial capital gains. While exciting, these gains come with the burden of taxation. Fortunately, the Income Tax Act offers solace in the form of Section 54F, which provides an avenue for exemption on long-term capital gains arising from the sale of non-residential assets.

Options for Saving Income tax for Salaried Person

CA Rahul Mittal 22 February 2024 at 08:52

As March approaches, salaried person start worrying about saving taxes and confused about the tax saving options available with them. Salaried people are also confused as to which regime will save more tax. Answers to lot of questions have been given in this article.

NRI Property Inheritance: Laws, Tax Implications and Challenges

CA Arun Tiwari 20 February 2024 at 08:51

In this article, we will delve into the intricacies of property inheritance for NRIs and offer valuable insights for successfully navigating this complex process.

Decoding the New Clause (H) of Section 43B of Income Tax Act

SAGAR PUNSHI 19 February 2024 at 08:38

The Finance bill 2023 included a new clause (h) to section 43B of the income tax act 1961. To assure on-time payments, the stated clause inserted as a Socio-Economic Welfare Measure and has been realized through the Micro and small companies.

Salary Slip with Format and Its Important Parts

Mitali 16 February 2024 at 16:22

A salary slip or a pay slip is a document provided by an employer to an employee, with a detail list about the salary components such as HRA, LTA, bonuses, and deductions for a specific period, typically a month.

Form 67 is directory and not mandatory to claim foreign tax credit

Vivek Jalan 16 February 2024 at 14:53

It is high time that necessary amendments should be made in the Income Tax Act/Rules to incorporate the process of claiming the tax credit, where the foreign tax credit certificates are received by an assesses even after the end of the assessment year.

Demystifying Section 80GGC: A Deep Dive with Vivaan & Aahil

CA. Bhavik P. Chudasama 16 February 2024 at 12:02

The bustling cafe hummed with conversation as Vivaan and Aahil, two college buddies, debated over their tax returns. Aahil, ever the tax-savvy one, mentioned claiming a deduction under Section 80GGC, piquing Vivaan's curiosity.

Analysis of Section 80P Deduction for Co-operative Societies

CA Aman Rajput 16 February 2024 at 08:44

In this article we will discuss the intricacies of Section 80P, drawing insights from the recent Tribunal case of Sardar Patel Co-Operative Credit Society Ltd. v. Deputy Commissioner of Income-tax, Circle-2(3) (IT APPEAL NO. 645/SRT/2023).