Equalisation Levy

Equalisation Levy was introduced in India in 2016, with the intention of taxing the digital transactions i.e. the income accruing to foreign e-commerce companies from India. It is aimed at taxing business-to-business transactions. This levy has been imposed only on companies whose revenue exceeds Rs 1 crore per year and will be charged at 6% on […]

By |2021-11-02T10:58:24+05:30October 2nd, 2021|Income Tax, Uncategorized|

Section 24 of Indian Income Tax Act – Income tax deductions from house property

The Indian Income-tax Act, 1961 (hereinafter referred to as the “Act”) provides for deduction in respect of certain expenses incurred by an individual or a Hindu undivided family. Section 24 deals with income tax deduction from house property. The section specifies that any person who is a resident and owns a residential accommodation shall be entitled […]

By |2021-10-01T08:48:13+05:30October 1st, 2021|Income Tax|

Section 269ST of Income Tax Act

Black money is a major threat to the Indian economy. Section 269St was inserted in Income Tax Act,1961 to curb the problems caused by black money.

Black money has been a major threat to our economy. Many taxpayers use only cash transactions in order to evade their tax liabilities and their responsibility towards the country. Cash transactions […]

By |2021-09-17T06:52:17+05:30September 17th, 2021|Income Tax|

Income Tax Rebate under Section 87A

In sequence to acceptably fund its numerous activities, consequences, and responsibilities, the government of a country imposes income tax on its citizens. The taxation structure for this Income Tax Rebate under Section 87A diverges from country to country.

In India, this structure is developing, which signifies that your income tax liability […]

By |2021-08-31T06:36:00+05:30August 31st, 2021|Income Tax|

Who is an Assessing officer? How do you find your assessing officer?

Assessing officer: Why there are need?

To ensure that the assessment is carried out in a consistent and well-organized way, each taxpayer is assigned a jurisdictional Assessing Officer based on the address listed in his Permanent Account Number (PAN Card) record and his income. Any communication between the income tax department and the taxpayer, as well […]

By |2021-04-16T05:47:13+05:30April 16th, 2021|Income Tax|

A Comprehensive Guide to Income Tax Slabs in India

Individuals and private organizations must pay income tax if their annual income exceeds the minimum exemption cap, according to the Income Tax Act of 1961. Taxpayers may, however, take advantage of tax advantages under different parts of the Act. To take advantage of these advantages, one must first consider the income tax slabs and rates that […]

By |2021-04-09T05:53:29+05:30April 9th, 2021|Income Tax|
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