Income Tax Articles
Statutory Tax Compliance Tracker - June 2023
CS Lalit Rajput 26 May 2023 at 10:111. Compliance requirement under Income Tax Act, 1961 Sl. Compliance Particulars Due Dates 1 Due date for deposit o..
Can you get Tax Deductions for Both HRA and Home Loan Interest Simultaneously?
Tarun Kumar Madaan 26 May 2023 at 08:59House Rent Allowance (HRA) is an allowance employers provide to cover the expenses of rented housing for employees. The Income-tax Act allows for an exemption on HRA if an employee resides in a rented house. Additionally, the Act permits a deduction on the interest paid by an individual taxpayer on a home loan.
CBDT launches Tax Calculator for FY 2023-24
Rashmi 25 May 2023 at 09:01The Central Board of Direct Taxes (CBDT) has introduced a new Income tax calculator for the financial year 2023-24. This calculator is designed to be user-friendly and helps individuals and businesses calculate their tax obligations more easily.
An Overview of Trusts
Mohd Zain 25 May 2023 at 09:01A Trust is not a separate legal entity, therefore the tax law uses the concept of the representative assessee to tax the trust as given under section 160 of the Income Tax Act, 1961.
Comprehensive Guide to Gold Purchases, Possession Limits and Taxation in India
Rashmi 24 May 2023 at 08:54Considering the cash transaction limits under income tax laws, transactions in cash above Rs 2 lakh in a single day are not permitted. Section 269ST of the Income Tax Act, 1961, prohibits cash transactions exceeding Rs 2 lakh in a single day or in aggregate from a person.
Employee Stock Option Plan (ESOP) and its taxability
Affluence Advisory 23 May 2023 at 14:59ESOP are employee benefit plans that offer employees ownership interest in the organization they work. In other words, ESOP are the right / option given to eligible employees by the employers to buy equity shares of the company at a predetermined rate within a stipulated time.
Tax-Saving Fixed Deposits: Features, Benefits and More
Ayush 23 May 2023 at 10:47In this article, we will cover what a tax-saving fixed deposit is and how you can benefit from it.
Income Tax Return for AY 2023-24: Major Update for ITR Filters
Pranab Banerjee
22 May 2023 at 08:41
If you file your income tax return (ITR File) every year, you need to read this update. The ITR-2 offline form has been issued by the Inland Revenue Department for filing income tax returns for the tax year 2022-23 (A.Y 2023-24).
TCS on Credit Card Payments: Impact on International Transactions and How to Navigate the Changes
CA Krishna Kumawat 22 May 2023 at 08:41With the recent amendments in the Foreign Exchange Management Act (FEMA), international credit card spending now falls under the Reserve Bank of India's (RBI) Liberalised Remittance Scheme (LRS).
Taxation for NRI in India
Poojitha Raam Vinay 20 May 2023 at 07:17
Non-Resident Individual is an individual who is not a resident of India for tax purposes.
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