Income Tax Articles

Procedure of transfer of shares by gift & tax implications

FCS Deepak Pratap Singh 13 February 2023 at 10:02

In some occasions, gift to individual is exempted such at marriage and gifts receipt by a person from his/her relatives. The definition of relatives has been given in Section 2(47) of the Companies Act, 2013.

Income Tax Calculation: Old Regime Vs New Regime

Aisha 11 February 2023 at 15:22

In India, the income tax is governed by the Income Tax Act, 1961 and is imposed by the Central Board of Direct Taxes (CBDT). The taxable income of an individual is taxed at different slab rates, based on the individual's income level.

Old vs. New Personal Tax Regime: An Explainer on Making an Informed Choice

Mayank Mohanka 11 February 2023 at 13:00

With a view to rationalize the personal tax slabs and simplifying the complex maze of a plethora of deduction claims of individuals and HUFs in their income tax returns, the Government has introduced a new regime of personal tax, by introducing a new section 115BAC w.e.f. FY 2020-21 and onwards.

New Income Tax Slabs (FY 2023-24): An Illustrative Analysis

Chetan Chauhan 04 February 2023 at 17:24

Rebate limit of Personal Income Tax to be increased to Rs. 7 lakh from the current Rs. 5 lakh in the new tax regime. Thus, persons in the new tax regime, with income up to Rs. 7 lakh to not pay any tax.

Cap on Capital Gain Deductions u/s 54 & 54F of IT Act 1961

FCS Deepak Pratap Singh 04 February 2023 at 17:06

In this article, we are going to discuss changes brought in the taxation of Income from Capital Gain.

Key Highlights On Section 194 TDS On Payment Of Dividend

Ayush 31 January 2023 at 12:01

Section 194 of the Indian Income Tax Act governs the TDS (Tax Deducted at Source) on payment of dividends.

Section 194H: TDS on Commission and brokerage

Mitali 31 January 2023 at 11:52

Section 194H of the Income Tax Act governs the taxation of commission or brokerage. According to this section, any person responsible for paying to any income by way of commission or brokerage shall deduct tax at source of such income.

Section 194Q of the IT Act, 1961

Aisha 30 January 2023 at 13:03

Section 194Q of the Income Tax Act, 1961 is a provision that deals with Tax Deducted at Source (TDS) on the purchase of goods.

Treatment of income from house property in hands of salaried personals

FCS Deepak Pratap Singh 30 January 2023 at 11:40

As you are aware that, the period of Jan-March is a period in which we salaried personal are in tremendous stress to save our taxes and the instruments in which we have to invest to save taxes.

Section 194J: Fees for professional or technical services

Chetan Chauhan 28 January 2023 at 16:42

Section 194J of the Income Tax Act pertains to the TDS on fees for professional or technical services. According to this section, any person, including an individual or a company, who is responsible for paying to any sum as fees for professional or technical services, is required to deduct TDS.