Income Tax
The Bombay High Court has quashed the reopening of income tax assessments after 4 years merely on the change of opinion of the Assessing Officer (AO). The bench of Justice…
-
When people send money abroad for remittances, travel expenditures, asset purchases, shopping, and investments, they are subject to TCS, or Tax Collected at Source. Such transfers are made possible under…
-
Income Tax return filing is mandatory if the Total Income of an Individual exceeds the maximum amount which is not chargeable to income-tax i.e. Rs.2,50,000 for individuals whose age is…
-
The following tables will help you understand which ITR forms are taxpayers supposed to fill based on the nature of their income for the Assessment Year 2023-2024 (Financial Year 2022-23)…
-
At the time of filling Income Tax Return, every assessee need to check residence status to apply provisions of Income Tax and to determine tax liability for that assessment year.…
-
Taxation in India is a crucial element for the economy of the nation. Various taxes are levied on services and products being availed by the citizens of India. Taxes are meant to…
-
For the old tax regime, an individual, who is resident in India, is allowed a tax rebate under section 87A if the total income of such individual does not exceed…
-
Every Indian Citizen needs to file Income Tax Return if there annual income is more than the specified Income Tax Exemption Limit and other situations specified by Income Tax Act as mentioned…
-
The interest you receive from bank accounts and deposits is fully taxable. Thus, the bank is supposed to deduct TDS from it every year if your interest exceeds Rs 40,000. The limit…
-
Indians always think of saving capital gain tax which is required to be paid on sale of commercial property. Capital Gain tax can be Long Term Capital Gain Tax or…
