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Income Tax

Learning » Taxation » Income Tax

Dec 06 2019

A Complete Overview of Section 45 of the Income Tax Act...

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...

Dec 05 2019

Alimony of Divorce and its Tax implications

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...

Dec 02 2019

A Complete Overview of MAT (Minimum Alternate Tax)

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...

Nov 28 2019

Consequences of Late ITR Filing

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...

Nov 16 2019

What is the Tax Residency Certificate & How to get...

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...

Nov 14 2019

IT Department acknowledges an error in charging late IT...

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...

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Nov 12 2019

TDS Return Revision in case of PAN Error Notice from De...

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...

Nov 08 2019

TCS – A Tax collected at source and its Rates...

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......

Nov 07 2019

Notice for Demand under section 156

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...

Oct 26 2019

The Implications and Restriction Prescribed Under Secti...

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......

Oct 25 2019

The Impact of Section 44AA and 44AB of the Income Tax A...

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

Oct 24 2019

Read About the Provisions and Exemptions Under Section...

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...

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