Income Tax

A few years back, one of my friends said DATA is the NEW OIL. You collate the data, drill deep and extract the information, i.e., new oil. The Government, precisely, the Income Tax department is now in the business of NEW Oil. Just before writing this note, I logged into …

Are you an Employee contributing to the Employee Provident Fund (EPF) or General Provident Fund (GPF)? Then you must know the recent changes in the Tax Rules which are applicable from 1st April 2021. Good news – First – For now, there is no change in the tax rules concerning …

This is a rudimentary question, but most frequently tossed to us by the taxpayers. Here is the answer to all such queries. What is Income Tax Return (ITR)? Income Tax Return (ITR) is a document wherein any person informs the Government about his total income during the previous year (1st …

Mr. Shah wins Rs.1 Crore in KBC TV Show; Anchor cuts the cheque or says the amount is instantly transferred to his bank account (to promote digital pay)! Mr. Rahim wins a Car through a lucky draw from a leading Appliances distributor; you see his pic with the car in …

Certain taxpayers have lost their life due to Covid-19. Employers and well-wishers of such taxpayers extended financial assistance to their family members so that they could cope with the difficulties faced due to the sudden loss of the earning member of their family. Here is a case – One of …

The Gifts were taxed under The Gift Tax Act, 1958 and the same was repealed in 1998. As on date – there is no Gift Tax Act in India. However, Taxing Gifts have come in different avatar under the Income Tax Act. Basic terms to know – The person who …

Is there any Income tax on dividend income in India? Do I have to pay tax on dividend income? what is tax rate for dividend income? How much is the surcharge on dividend income? All are answered here. Dividend is the part of profits or accumulated profits of the company …

This is a hot subject which requires your attention, please! Section 139AA of the Income Tax Act makes it mandatory for every individual who has a PAN to link it with the Aadhar number. Every rule has certain exceptions. As per the Notification issued by CBDT in 2017, the provisions …

If one gets angry at the Petrol Bunk, it is due to the high prices but the anger is expressed on the executive. Likewise, the real pain is not due to filling the Return, but the quantum of taxes being paid! But filling up the forms has been made easy …

This is the last part of the Budget series related to Taxation, Company Law and Marco economic analysis. Only a few points are covered here. Any points missed here will be covered in another article in the coming days. Goods and Service Tax (GST) Point # 1 GST on supply …