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Income Tax

A Brief Analysis of Life Insurance Policy (Deduction u/s 80C)

What is Life Insurance Policy (LIP)? Life Insurance Policy (LIP) is a contract between a Policyholder and an insurance company. Insured (Policyholder) makes a regular...

Intimation under section 143(1) of Income Tax Act 1961.

Income tax return (ITR) can be either filed voluntarily under Section 139 or on-demand by the income tax department (ITD) under Section 142(1). It is...

What is Angel Taxation in India?

What is Angel Tax? Angel tax was introduced in 2012. The main focus of angel tax is on reducing money laundering through the purchase of...

Taxation of Bonds and Debentures under Income Tax Act 1961

Any revenue made on the sale of an investment normally stated as a capital asset under the income tax laws becomes taxable as short...

Things You must know about the Hindu Undivided Family (HUF)

I believe you must have heard about the word Hindu Undivided Family. Most of people think that this is a person which are created...

Leave Encashment – Exemption and Tax liability:-

Introduction – During the service period, you are allowed various types of leaves e.g. Sick leave, Casual Leave, Earned Leave, etc. Sick leaves and casual...

It’s time to calculate & Plan your Income tax for AY 2019-20

Income tax liabilities burn a part of your saving every year. A heavy part of your earnings is deducted from your account in the...

CII for doubling Income Tax exemption to ₹5 lakh

Industry chamber CII has recommended the government to double the income tax exemption threshold limit to ₹5 lakh and increase the deduction limit under...

6 Things to Start Doing Now to Save Taxes This Financial Year.

As we all know that a couple of months left in this financial year and this is the time to calculate and plan for...

Section 5A : Portuguese Civil Code in Income Tax Return

Portuguese Civil Code in Income Tax The Portuguese Civil Code deals in the apportionment of income between spouses. The Portuguese Civil Code is applicable only...

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