Income Tax Articles

Can you get Tax Deductions for Both HRA and Home Loan Interest Simultaneously?

Tarun Kumar Madaan 26 May 2023 at 08:59

House Rent Allowance (HRA) is an allowance employers provide to cover the expenses of rented housing for employees. The Income-tax Act allows for an exemption on HRA if an employee resides in a rented house. Additionally, the Act permits a deduction on the interest paid by an individual taxpayer on a home loan.

CBDT launches Tax Calculator for FY 2023-24

Rashmi 25 May 2023 at 09:01

The Central Board of Direct Taxes (CBDT) has introduced a new Income tax calculator for the financial year 2023-24. This calculator is designed to be user-friendly and helps individuals and businesses calculate their tax obligations more easily.

An Overview of Trusts

Mohd Zain 25 May 2023 at 09:01

A Trust is not a separate legal entity, therefore the tax law uses the concept of the representative assessee to tax the trust as given under section 160 of the Income Tax Act, 1961.

Comprehensive Guide to Gold Purchases, Possession Limits and Taxation in India

Rashmi 24 May 2023 at 08:54

Considering the cash transaction limits under income tax laws, transactions in cash above Rs 2 lakh in a single day are not permitted. Section 269ST of the Income Tax Act, 1961, prohibits cash transactions exceeding Rs 2 lakh in a single day or in aggregate from a person.

Employee Stock Option Plan (ESOP) and its taxability

Affluence Advisory 23 May 2023 at 14:59

ESOP are employee benefit plans that offer employees ownership interest in the organization they work. In other words, ESOP are the right / option given to eligible employees by the employers to buy equity shares of the company at a predetermined rate within a stipulated time.

Tax-Saving Fixed Deposits: Features, Benefits and More

Ayush 23 May 2023 at 10:47

In this article, we will cover what a tax-saving fixed deposit is and how you can benefit from it.

Income Tax Return for AY 2023-24: Major Update for ITR Filters

Pranab Banerjee 22 May 2023 at 08:41

If you file your income tax return (ITR File) every year, you need to read this update. The ITR-2 offline form has been issued by the Inland Revenue Department for filing income tax returns for the tax year 2022-23 (A.Y 2023-24).

TCS on Credit Card Payments: Impact on International Transactions and How to Navigate the Changes

CA Krishna Kumawat 22 May 2023 at 08:41

With the recent amendments in the Foreign Exchange Management Act (FEMA), international credit card spending now falls under the Reserve Bank of India's (RBI) Liberalised Remittance Scheme (LRS).

Taxation for NRI in India

Poojitha Raam Vinay 20 May 2023 at 07:17

Non-Resident Individual is an individual who is not a resident of India for tax purposes.

20% TCS on credit card payments made outside India, effective July 1, 2023

Shree 19 May 2023 at 08:46

This move is expected to help track overseas transactions, but it has also drawn criticism from some who say it will make it more expensive for Indians to travel and shop online and increase the burden of compliance on the existing taxpayer