The Financial year 2019-20 is about to end and the new Financial Year is about the start. In India, we follow the Financial Year for all tax purposes and Income Tax is levied on the total income earned during a...
What prompts the Dept to conduct Income Tax Raids, Search & Seizures Read More
Income tax search and seizure is a drastic measure, which is held to be constitutionally valid on the ground that it aimed at fighting the social evil of tax evasion. The Hon’ble Supreme court in the case of M.P.Satishchandra AIR...
Cap Gain Exemption if Construction not completed in 3 years Read More
The Income Tax Act provides for tax exemptions on long-term capital gains earned from the transfer of a capital asset if the sale proceeds are invested in a house property within the time prescribed under section 54F of within two years from...
Reasons for Issue of Income Tax Scrutiny Notice Read More
What is Scrutiny Assessment ? Scrutiny assessment refers to the examination of an income tax return by giving an opportunity to the assessee to substantiate the income declared and the expenses, deductions, losses, exemptions, etc. claimed in the return with the help...
Form 15G & Form 15H to Save TDS on Interest on Fixed Deposit & Recurring Deposit Read More
Form 15G & Form 15H are self-declaration forms required to be furnished by the Assessee to his Banker for Nil Deduction/Lower Deduction of TDS on Interest on Fixed Deposit/ Recurring Deposit. As per Section 194A of the Income Tax Act,...
Tax Benefit for Life Insurance Premium and Maturity Amt Read More
Life Insurance Premium is a premium which is paid by a person for insuring the life of the person insured. In case any mis-happening happens to the life of the person insured, the life insurance company gives an amount for...
Various Tax Benefits of Mutual Funds in India Read More
A Mutual Fund is a fund which primarily collects money from the public and then invests the same in specified securities on behalf of its investors. Mutual Funds can broadly be categorised into 2 categories:- Equity Mutual Funds Debt Mutual...
10 useful Income Tax Deductions for 2023-24 Read More
The Income Tax Act provides for various income tax deductions which can be claimed at the time of filing of income tax returns. The total taxable income (after reducing the income tax deductions that have been claimed) would be taxed...
ITR Filing & Tax Audit for Income from F&O Trading Read More
Traders dealing in Futures & Options (F&O) usually enter into big transactions on a regular basis but the profit earned by them in such transactions is fairly small. As the volume and value of transactions is very high, the manner...
How to link Aadhaar Card with Income Tax Return (ITR)? Read More
From Assessment Year 2015-16 onwards, the Income Tax Department has extended facility of verifying and signing the Income Tax Return through the Aadhaar Card. The taxpayer would be required to link his aadhaar card with his PAN No. on the...