Income Tax Articles

Debt - The cheapest finance or a trap?

Mukul Agrawal 09 June 2023 at 09:57

Let's cater to some of the basic (non-technical) fundamentals that may lead to a first stage for avoiding debt traps.

Applicability of ITR forms for individuals, HUF & firms on the basis of certain factors

Geetanjali Pandey 08 June 2023 at 09:54

Applicability of ITR forms for individual, HUF & firms on the basis of certain factors

Understanding Impact of New TCS Rule on Educational Expenses for Students Studying Abroad

Rashmi 08 June 2023 at 09:10

In this article, we will delve into the details of how the new TCS rule will impact students who are currently studying in foreign universities or schools, as well as those who are planning to study abroad soon.

Benefits of filing Income tax return (ITR) on time

Divyanshu Sharma 07 June 2023 at 15:54

Listing some of the benefits of filing an Income tax return on time

A Comprehensive Guide to Claiming HRA Tax Exemption: Essential Aspects of Your Rent Agreement

Rashmi 07 June 2023 at 08:56

Salaried individuals can avail tax exemption on house rent allowance (HRA) if they live in a rented house, pay rent, and possess the necessary valid documents. However, many people are unaware that their rent agreements should include specific clauses to ensure that their HRA tax exemption, claimed during income tax return (ITR) filing, is not rejected by the income tax department.

House Rent Allowance and its exemption calculation

CA. Akshat Parakh 06 June 2023 at 09:06

For salaried employees house rent allowance is a component of their salary. Unlike basic salary HRA is not fully taxable, a part of it is exempted u/s 10(13A) of Income Tax Act, 1961.

Incomes which are now reported in AIS for Individuals

CA Umesh Sharma 05 June 2023 at 14:36

The Income Tax Department has announced the roll-out of a statement namely Annual Information Statement (AIS) which would provide you with almost all details about your financial transactions during the year.

Can Taxing Agricultural Income Benefit Farmers in India?

CA Pallav Singhania 05 June 2023 at 08:57

Introducing a slab-based taxation system for agricultural income could be a feasible approach. By doing so, the burden of taxation can be adjusted according to the income levels of the farmers.

Taxation and Digital Economy

Sakshi Maheshwari 03 June 2023 at 09:12

The rapid growth of the digital economy has transformed the way we live, work, and interact with each other. From online shopping and streaming services to social media and remote work, digital platforms have become an integral part of our daily lives.

Section 80DD: Claim tax deduction on medical expenses for disabled persons

Pranab Banerjee 01 June 2023 at 09:06

Individuals or HUFs can claim an exemption under Section 80DD of the Income Tax Act for a disabled person who is wholly dependent on the Individual/HUF for support and services.