Income Tax

Penalties and Prosecutions Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases...

Section Nature of deduction Who can claim (1) (2) (3) Against ‘salaries’ 16(ia) Standard Deduction Individual – Salaried Employee & Pensioners 16(ii) Entertainment allowance Government employees 16(iii) Employment tax Salaried assessees Against ‘income from house properties 23(1), first...

The person responsible for making payment to a non-resident or foreign company is required to withhold tax. The tax is deducted at the prescribed...

When do I have to pay the taxes on my income? ​​​​The taxes on income can be finalized only on the completion of the...

Salaried individuals constitute a large proportion of the total tax-payers in India and their contribution to the total tax collection is substantial. In this article,...

In order to increase the liquidity in the hands of common people Govt on 13th May 2020, Wednesday announced various relief measures, and among...

Order under  119 of The Income Tax Act, 1961 on issue of certificates for lower rate/nil deduction/collection of TDS or TCS under Section 195,...

The Central Board of Direct Taxes (CBDT) issued a circular on 13th April 2020 to clarify options under Section 115AC of the Income Tax...

The government will immediately issue about Rs 18,000 crore as pending income tax refunds to individuals and businesses, in a bid to provide relief...

From the financial year (FY) 2020-21, an individual taxpayer has to choose between the new income tax regime (without tax-exemption and deductions) and the...