Tax Deducted at Source (TDS): Applicability of TDS, when a person making certain specified payments, such as salaries, interest, rent, professional fees, etc., deducts tax at the prescribed rates from the payment and remits it to the government. The responsibility…

According to sec 139, every person whose annual total taxable income is more than the given exemption limits as per old tax regime or as per new tax regime needs to file Income tax return. Basic Exemption Limits As per…

Taxability on Capital Gain Any income that arises on transfer capital asset “Movable or Immovable” is taxable under the head Capital Gain of income tax act 1961. Capital Gain is segregated into two parts i.e. Short Terms Capital Gain and…

History Behind Gift Tax There are numerous traditions and thousands of years of history associated with Indian culture. It is also the birthplace of numerous religions, including Buddhism, Sikhism, and Hinduism. Plus, India is a country with an expanded culture…

Every person carrying on business comes under provisions of Tax audit u/s 44AB of income tax act 1961 with the terms and conditions and threshold limits. If businesses meet the conditions given in section 44AB of the income tax act…

The “New Tax Regime” declaration made by return filers is on Form 10IE. If an individual or HUF earns money from a business or profession, they must submit Form 10IE in order to comply with the new tax regime and…