Income Tax

Income-tax Returns, UIDAI, Aadhaar, e-filing, Pan-Card Linking, Enrolment Centres, Chartered Accountants, Deadlines – if these words are making you panic as the deadline for filing Income Tax Returns closes in, then calm down and read this. For...

A person is liable to pay interest for various delays/defaults like interest under section 234A for delay in filing the return of income, interest under section 234B for default in payment of advance tax, interest under section 234C for deferment of...

Don't waste your time searching for your endless tax related queries? Whether it's about paying taxes, filing of your tax returns ,for tracking TDS or applying for your PAN Card, get everything at one place. Yes, you have heard right! With the...

A tax refund arises when a taxpayer pays tax in excess of what he owed to the income tax authorities. Usually, a taxpayer pays taxes in the form of withholding taxes, advance taxes, self-assessment taxes, etc. Tax refund can only be claimed by...

All income received as salary under employer-employee relationship is taxed under the head, “Salary”, on due or receipt basis, whichever arises earlier. Thus, for any income to be taxable under the head salary, the following primary conditions...

On my way to a conference in Mumbai, I was sitting across an IT professional. Conversing with him for over 10 minutes gave me an idea about his ignorance on the taxation matters. Keeping that experience in view, I wanted to throw some light on the...

We had covered most of the basics of capital gains taxation in the previous series which gives us a good foundation to discuss about exemptions in this blog. Exemptions from capital gains There are various exemptions from capital gains under...

On my way to Mumbai this New Year’s Eve, one of the fellow passengers and I got into talking where he got to know that I was a Chartered Accountant and he was all the happier when I told him I belong to the taxation field. A plethora of queries...

In the previous columns, we discussed about some of the major investment modes under section 80C. Continuing along similar lines, I am discussing the following contributions available as deductions. 1. Contribution to National Savings Certificate...

In the previous series, we discussed one of the most important and popular 80C deduction, i.e. deduction towards life insurance premium. In this series, we would be discussing about the following investment modes: Premium paid to effect and keep...