Income Tax

Section 45 of the Income Tax Act, 1961 deals with taxability on capital gains arising from the transfer of capital assets in the previous year. According t...

Marriage is considered the coalescence of two souls. This intimate union of two people comes to us from the hand of God. Apart from the true love and compa...

What is Minimum Alternate Tax (MAT)? Minimum Alternate Tax (MAT) is a provision introduced in indirect tax laws to limit various tax concessions and other...

The government gives 4 months to its citizens to file their Income Tax Returns every Assessment Year. ITR filing is an easy and online process, so the time...

A Tax Residency Certificate is a certificate issued by the Income Tax Department. to the India Residents who earn Income from Countries with which India ha...

The Income Tax Department admits an inadvertent error in processing ITR filing of partners of firms. If a late ITR filing fee has been charged by error, th...

Introduction- At the time of submitting the TDS return a very common error that occurs is that the PAN of the applicant entered wrongly, which as a result...

TCS stands for Tax Collected at Source and, it is the tax payable by a seller which the seller collects from the buyer at the time of sale. Section 206C......

The Income-tax Department checks the income declared and tax paid by the person with the details available with them. As per the Income-tax Act 1961, if th...

The Income Tax Act, 1961, prescribes the time limit in the form of due dates for filing of the return, payment of advance tax, a deposit of TDS, etc. If......

Sections 44AA and 44AB were introduced for simplifying the tax compliances of people in business & small professionals. These sections prescribe minimu...

Tax is the primary source of revenue for Government in India, and thus, various forms of income are taxable under the purview of the Income Tax Act[1]. How...