Income Tax

Form 10BA is a declaration filed by the taxpayer to claim the deduction under section 80GG of the Income Tax Act for the rent paid on rental property. This...

The Income tax department introduced the concept of TDS TRACES, wherein the taxpayers and deductors can view, download the Challan details, rectify the mis...

The new Financial Year begins on 1st of April every year and ends on 31st March of the following year. Every year on April 1, the consumers witness some si...

The article entails the meaning of Form 3AC, its contents, need to file this form, and the procedure to file. What is Form 3AC? Form 3AC is an audit report...

Section 159 of the Income Tax Act states that an ITR of the deceased can be filed by the legal heir or the executor of the deceased. The article talks......

This article will focus on the meaning, benefits of Section 12 of income Tax Act. What is Section 12 of Income Tax Act? Section 12 of Income tax act[1] tal...

ITR or Income Tax Return is where taxpayers file information about the income earned & tax applicable to the IT Department. It has notified 7 forms to...

Section 44AA of the Income Tax Act, along with Rule 6F, mandates books of account for income tax. These books of accounts are the official document that es...

As per Income Tax Act, 1961, a person must file TCS return, failing which he will be penalized under sections 234E, 271H of the Income Tax Act, 1961. The p...

ITD and ITSC are different in respect of their functions. ITSC comes under the ITD, but it works independently from ITD. In the article, we will discuss th...

As per Section 43 (5) of the Income Tax Act, Speculative transaction is a transaction where a contract for the purchase or the sale of any commodity, inclu...

The central government introduced the Faceless E-Assessment Scheme with a view to provide increased transparency, efficiency, and accountability. It is as...