Category: Income Tax

What is a Shell Company?

Every company comes into existence after getting incorporated under the Companies Act, 2013, to facilitate regular business operations. A shell company however, instead of transacting into ordinary business transactions, is made with a view to enter into illegitimate transactions with...

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Procedure for online correction of Form 26QB for TDS on Property

Form 26QB is a consolidated form which is required to be filed for the deposit of TDS on Property. This form is required to be filed within 30 days from the end of the month in which the Payment for...

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Benami Property Act: Practical Analysis in simple words

The amendment in 2016 of the original Benami Act created a sudden storm in the nation bringing about a lot of curiosity in people. A lot of people are worried about the impact of the Act on their property and...

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Tax on Sale of Gold in India in 2018

Gold can be held in various forms like Jewellery, Coins, Bars, ETF’s Bonds etc. In this article, we’ll explain the levy of gold on each of these forms. Tax on sale of Gold Jewellery, Coins, Bars etc The physical gold...

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Tax on sale of ULIP’s in India

ULIPS stands for Unit Linked Investment Plans and is an Insurance cum Investment Plan. The Premium paid is invested in Equity, Debt and Money market instruments and the person opting for a ULIP Plan not only gets the benefits of...

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Save Tax on Interest by doing FD in Parents name (Mother/ Father)

Fixed Deposit is one of the best options for earning secured fixed income. It’s not only safe but is also easy to create and break providing proper liquidity to the depositor. However, FD suffers from one major drawback i.e. it...

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Investing in Wife name may NOT help you save Tax: Clubbing of Income

A lot of people try to act smart and divert their own income in their wife’s name so as to reduce the tax burden. People normally do this if the wife is not working or is in a lower tax...

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Section 44AD & 44ADA: Income of Business – 8%, Profession – 50%

To reduce the burden of compliance of small taxpayers, the govt provides for a scheme of Presumptive Taxation which is very easy to understand and comply with. Under the scheme of Presumptive Taxation, the small taxpayers are not required to...

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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 itself rather than paying this tax at the end of...

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Is Income from Shares – Business Income or Capital Gains?

A lot of people trade and invest in stocks – some do it part-time as an investment and some do it full time as a business. From the point of view of taxation – this leads to confusion on whether...

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