Income Tax

tax-on-sale-of-property

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-disease

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

salaried-employees-income-tax-exemption

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

Section 80D: Deduction for Medical Insurance & Health Checkup

Section 80D provides for tax deduction from the total taxable income for the payment (by any mode other than cash) of medical insurance premium paid by an Individual or a… Read More

Section 80CCD-NPS

Section 80CCD: Deduction for NPS Contribution: Budget 2017

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

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 (updated)

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, both 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

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

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