Income Tax

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Income Tax Taxation

Taxability of Land or Building Sale-Section 50C

Taxability of Land or Building Sale-Section 50C

Due to the large population of India, there has always been massive demand for real estate. Therefore it is imperative to know the aspects relating to taxa...

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Income Tax

Understanding the concept- Securities Transaction Tax (...

Understanding the concept- Securities Transaction Tax (STT)

Some taxpayers resort to measures of tax evasion to save their outflow to the government. Therefore the government keeps a tab on such practices by deployi...

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Income Tax Taxation

How does Income Tax Department trace your High Value Tr...

How does Income Tax Department trace your High Value Transactions?

Did you ever wonder how income tax department gets information regarding your high value transactions? Well, we all know that they are not unaware about su...

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Income Tax

FAQs on Tax Audit under section 44AB

FAQs on Tax Audit under section 44AB

As per Section 44 AB of the Income Tax Act, an audit of the books of account and furnishing a report by the assessee before the due date should be...

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Income Tax

Form 10bb of Income Tax Act – Guide

All about Form 10BB of Income Tax Act

Form 10BB of the Income Tax Act is filed by educational institutions or charitable trusts used for the betterment of society within India. These institutio...

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Income Tax Taxation

Govt. extends tax related compliance due dates amid cov...

Govt. extends tax related compliance due dates amid covid-19

In what has come as a massive relief for taxpayers, the government has extended key tax related compliance timelines for income tax as well as Goods and Se...

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Income Tax Taxation

Collection of tax on sale of goods (FAQs)

Collection of tax on sale of goods (FAQs)

The Finance Act recently inserted sub-section (1H) in section 206 C. As per this provision, seller is required to collect tax at source from the amount obt...

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Income Tax Taxation

Advance tax computation if dividend income is earned du...

Advance tax computation if dividend income is earned during the year

The Finance Act, 2020 abolished the Dividend distribution tax and adopted the conservative system of taxation wherein the dividend declared, distributed, o...

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