Income Tax Articles

Filing Income Tax Returns: Understanding Deadlines and Penalties in India

Rashmi 28 July 2023 at 14:13

In this article, we will discuss the changes in penalties for missing the ITR filing deadline and understand the implications for taxpayers based on their income levels.

Decoding Taxation on Virtual Digital Assets

Poojitha Raam Vinay 28 July 2023 at 09:43

Virtual Digital Assets (VDAs) refers to any information, code, number, or token in Foreign Currency generated through cryptographic means or otherwise and can b..

General Guidance on Professional Tax

Nikita Agarwal 28 July 2023 at 09:06

Professional Tax is a state-level tax imposed by various state governments in India. It is levied on income earned by individuals from professions, trades, callings, or employment.

Cash Deposit Rules: Income Tax imposes a penalty of 60% on such transactions

Gautam Bharthry 28 July 2023 at 09:06

Cash and Deposit Rules of Bank In India, the rules regarding cash deposit and withdrawal are very strict. If you also frequently deposit and withdraw cash in the bank, then you should know these rules.

Tax implications on unlisted shares to both investors and the company

Nikita Agarwal 27 July 2023 at 08:58

Investing in unlisted shares in India can have various tax implications, both at the time of acquisition and when selling or transferring these shares. U

Tax Rebate under Section 87A

Rashmi 26 July 2023 at 15:26

If your taxable income is below Rs 5 lakh in the financial year 2022-23 (assessment year 2023-24), you may be eligible for a tax rebate under Section 87A of the Income Tax Act, 1961.

Leave Travel Concession Claim: Provisions, Documents and Frequency

Nikita Agarwal 26 July 2023 at 08:54

LTC (Leave Travel Concession) is a tax benefit provided by the Indian government to salaried individuals for expenses incurred on travel. The LTC is primarily applicable to government employees, employees of public sector companies, and some private sector employees, depending on their employer's policies and the prevailing tax regulations.

Surge in Zero-Tax Income Tax Returns: A Closer Look at India's Tax Landscape

Rashmi 25 July 2023 at 14:29

India witnessed a record number of Income Tax Return (ITR) filings in FY23, reaching an impressive 74 million. Surprisingly, a significant portion of these filings, 70% to be precise, were zero-tax ITRs, indicating that taxpayers claimed nil tax liability

Taxation of Cryptocurrency in India: An Overview

Amul Jain 24 July 2023 at 08:52

In this article, we will provide an overview of the taxation guidelines for cryptocurrencies in India.

Income Tax Department Tightens Scrutiny Against False Deductions and Exemptions for Salaried Individuals

Rashmi 24 July 2023 at 08:52

Salaried individuals are being warned to be cautious while filing their Income Tax Returns (ITRs) this year. The Income Tax Department has increased its scrutiny and is seeking documentary evidence against bogus deductions and exemptions claimed by some taxpayers.