Income Tax


Cost Inflation Index for 2019 and last 19 years: Updated

Cost Inflation Index (CII) is an Index which finds its utility in the income tax act at the time of computation of Long Term Capital Gains to be disclosed in… Read more


Who is required to file ITR? [Budget Amendments]

Amendment introduced in Budget 2019 In case of a person (other than company or firm) – ITR Filing in India is mandatory only if it is more than the minimum… Read more

TDS on Contractor

4 Sections for Deduction of TDS by Individuals – 194M, 194IB, 194IA, 195

As a general rule, TDS is only required to be deducted by those businesses/professionals whose books are audited under Section 44AB. However, to bring more people under the TDS net… Read more


Tax Benefit on Home Loan: Section 24, 80EEA & 80C [Full List]

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

20 Changes announced in Budget 2019 by Finance Minister

The following are the major changes announced in Finance (No. 2) Bill 2019 announced by FM Nirmala Sitharaman on 05th July 2019 Tax Rate reduced to 25% to companies having… Read more


Surcharge on Income Tax (with Examples)

Surcharge is levied on Income Tax and is levied if Income is more than Rs. 50 Lakhs in case of Individuals and Rs. 1 Crores in case of Companies. The… Read more


Income Tax Form 13 for Lower Deduction of TDS: Section 197

As per the provisions of the Income Tax Act, TDS/TCS is required to be deducted at the time of making any payment. This TDS is deducted by the person making… Read more

TDS on Contractor

TDS on Payment to Contractor under Section 194C (with Examples)

At the time of making any payment, TDS is required to be deducted by the person making the payment. The rate of TDS depends on the nature of payment made… Read more

Advance Tax Payment: Due Dates and Interest on Late Payment

If the Income Tax Liability of any taxpayer is more than Rs. 10,000 in a financial year, then he is liable to pay such tax in installments during the year… Read more


Equalisation Levy @ 6% on Digital Ads [Updated]

The Digital Space has grown very rapidly in the past few years and is expected to grow substantially in the next few years. The biggest beneficiaries of this rapid growth… Read more