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 byRead More...
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 conditionsRead More...
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 theRead More...
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 underRead More...
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 queriesRead More...
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 CertificateRead More...
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 andRead More...
Section 80C provides for a deduction from the Gross Total Income, of savings in specified modes of investments. This deduction is available only to an Individual taxpayer and a Hindu Undivided Family (HUF) and the maximum permissible deduction underRead More...
Leaves are an important part of an employee’s work life. It’s important for survival! However, there are employees who are not able to avail the leaves available to them. This can happen due to various reasons such as pressure ofRead More...
In the previous series, we have discussed about various provisions related to House Property income, its computation and some FAQs as well. In this series, I want to take up a special topic in relation to house property income- tax position inRead More...