Income Tax

Section 80CCD-NPS

Section 80CCD: Deduction for NPS Contribution: Budget 2015

Income Tax Act provides for various deductions under Chapter VI-A for Contribution to Pension Plans. These Deductions are available under Section 80C, Section 80CCC & Section 80CCD and can be… Read More

income-tax-slabs

Income Tax Slab Rates for 2014-15 & 2015-16 in India

Budget 2015 Update: Finance Minister Arun Jaitley announced the Budget 2015 on 28th Feb and announced that an individual taxpayer can now claim exemption from Income Tax for Income upto… Read More

ICAI Form 108

Form 108 by ICAI for Articleship Completion Certificate

On completion of Articleship, a CA Student is required to submit Form 108 to ICAI in which he is required to furnish all relevant details pertaining to Articleship. This Form… Read More

long-term-capital-gain

Capital Gain Bonds of NHAI & REC to save Tax

The Gains that arise on the sale of a Long Term Capital Asset are known as Long Term Capital Gains and Capital Gains Tax is levied on such gains. However… Read More

Tax-on-kbc

Tax on KBC Prize Money & other TV & Online Game Shows

With the massive success of KBC in India, many channels have launched various game shows and award the winning contestants a good amount of money. In fact, these days a… Read More

long-term-capital-gain

Capital Gains Account Scheme: Features & Tax Benefits

The profit that arises on the sale of any property is referred to as Capital Gains and is chargeable to tax.  (Refer: Computation of Tax on Capital Gains) Govt also… Read More

Income-Tax-Return

Penalty for Late Filing of Income Tax Return

Income Tax Return is required to be furnished before 31st July/ 30th Sept of the Assessment Year. However, if the return is not filed before the due date, interest and… Read More

Section-94A-Income-Tax

Section 148 – Income Escaping Assessment

Before making the assessment/reassessment or re-computation under Section 147, the assessing officer shall serve on the assessee a notice requiring him to furnish a return of his income or income… Read More

income-tax-intimation

Section 154 – Rectification of Mistake by Tax Authority

It may be possible that an Income tax authority may commit a mistake while passing the order of assessment, appeal, revision etc. With a view to rectifying any mistake, apparent… Read More

capital-loss

Filing Income Tax Return in case of Loss: Section 139(3)

The provisions of filing of income tax returns in case of Loss are governed by Section 139(3) of the Income Tax Act which states that in case a taxpayer has… Read More

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