Introduction: As per the revised norms of the RBI, banks are now able to charge comparatively high interest rates on savings accounts. Currently, banks are expected to charge interest based on the daily balance of the account rather than the minimum level that needs to be kept. Those who own savings accounts can now benefit […]
Introduction: Employee benefits are paid within the salary as additional benefits for various needs. One such allowance is the House Rent Allowance (HRA), which aims to meet the rental costs of accommodation. This benefit is especially useful for employees who have to live away from their home. The following article aims to provide a comprehensive understanding […]
Introduction: If you’ve ever been in the business of buying and selling assets during the year, you’ve probably come across the concept of short-term capital gains tax. These gains represent gains from the sale of assets held for less than a year and are taxed differently from long-term capital gains from the sale of assets […]
Introduction: There are two types of capital gains tax that exist under the provisions of the Income Tax Act, 1961 Long Term Capital Gains tax (LTCG) and Short Term Capital Gains tax(STCG) and . The LTCG tax is imposed by the government on the profit generated from the sale of capital assets such as shares […]
Introduction: In FY 20-21, the government introduced a new tax regime alongside the existing one, making revisions in the Union Budget 2023. The primary aim of the new regime is to offer taxpayers an option to minimize their tax liability by relinquishing a significant portion of available tax exemptions. However, for many individuals, the old […]
Introduction: The Income Tax department in India plays a crucial role in extending benefits and refunds to individuals who consistently file their income tax returns on time and meet the eligibility criteria. Below is the process for securing an income tax refund, making you eligible for the same. According to Section 139(1) of the Income […]
Introduction: Form 16 is issued annually for TDS deducted from salary, while Form 16A is issued every three months for TDS on income from other sources. Form 26AS serves as a government record documenting TDS deductions made by individuals or companies, subsequently deposited with the Income Tax Department. Form 16: Form 16 and 16A are […]
Introduction: The Income Tax Act categorizes a taxpayer’s earnings into five distinct heads. For appropriate tax calculations, you must accurately classify your earnings under these income heads at the end of each financial year. It is essential that you understand which group your earnings belong to. In order to understand the revenue heads clearly Five […]
Introduction: Business involves the buying and selling of goods with the aim of making a profit. Profession refers to an occupation demanding intellectual skills, such as that of a doctor or lawyer.. For income tax purposes, there is no distinction between business income, professional income Business: A business is just an activity that a person […]
Introduction: Filing your Income Tax Return, commonly known as ITR filing, may appear Challenging, but it doesn’t have to be. In this article, we will explore key steps to streamline the ITR filing process. Additionally, we’ve included a comprehensive list of ITRs to guide you in determining the most appropriate one for your needs. The […]