Income Tax


Income Tax & TDS on Interest on Recurring Deposit (RD)

When you have a lump-sum amount to invest, it is always advisable to invest in Fixed Deposits. But when you don’t have a lump-sum amount to invest, and can save… Read More


Section 80DDB: Deduction for Treatment of Specified Disease

Section 80DDB provides for Income Tax Deduction under Chapter VI-A for payment of medical treatment of a person suffering from a specified disease. The deduction under Section 80DDB is allowed… Read More


Wealth Tax in India abolished & removed: Budget 2015

Wealth Tax in India was introduced in India in the year 1957 and is levied on Individuals, HUF’s and Companies if the Net Wealth of such person exceeds Rs. 30… Read More


Section 80D: Deduction for Medical Insurance: Budget 2015

Budget 2015 Update: The Deduction allowed under Section 80D is Rs. 15,000 and Rs. 20,000 (for Senior Citizens). Keeping into account the rising cost of Medical Expenses, Budget 2015 has… Read More

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 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


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 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


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


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 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


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


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


Rent Free Accommodation: Computation & Taxability

Employers usually provide several facilities to their employees one of which is Accommodation for Residence of the Employee. Sometimes, this accommodation is given to the employee without any charge and… Read More


Tax Benefit on Home Loan: Section 24, 80EE & 80C

A very important criterion to be kept in mind while taking a Home Loan is the Tax Benefit on Home Loan. To explain the Tax Benefit on Home Loan, we… Read More

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