Income Tax Articles

Nature, Objectives, Conditions & Approval of Trust set up for the benefit of employees

Geetanjali Pandey 10 May 2023 at 12:03

This article is aimed at providing knowledge the nature and objectives set up for the benefit of the employees and also enlightens about the conditions required to be fulfilled for getting approval from the Income tax department.

Stridhan and its Taxation under Provisions of IT 1961

FCS Deepak Pratap Singh 10 May 2023 at 10:43

As you are aware that "Stridhan" is known as bride's Pin Money (in England) and peculium (under Roman Law). It is that part of property or wealth which exclusively belongs to women. Our ancestors have recognized the same well before it was recognized by the Romans.

Challan 280: Auto Fill Income Tax Challan 280 in Excel for offline user

Pranab Banerjee 09 May 2023 at 08:58

Challan 280 is a form used to pay income tax; Payments can be made both online and offline. It is mainly used to pay advance tax, self-assessment tax, regular liquidation tax, surcharge, internal business distributed profit tax and participant distributed income tax.

Income Tax on Non-Resident Indians who sell House Property in INDIA

Affluence Advisory 09 May 2023 at 08:58

Capital Gains Tax applies if Non-Residents sell any House Property in India. The Tax is payable on gains depending on whether it is Long Term Capital Gains or Short Term Capital Gains.

Who is required to file ITR?

Affluence Advisory 08 May 2023 at 08:44

Income Tax return filing is mandatory if the Total Income of an Individual exceeds the maximum amount which is not chargeable to income-tax i.e Rs. 2,50,000 for individuals whose age is less than 60 Years.

Practical Guide to Dealing with a notice for Reopening of Assessment Proceedings under IT Act 1961

Adv. Ravish Bhatt, ADIT, CIOT 06 May 2023 at 15:15

Reopening of an assessment concluded under section 143(1) or even under section 143(3) (Scrutiny Assessment) of Income Tax Act, 1961 is a dreaded nightmare of any assessee.

Changes in the New Tax Regime: Everything you need to know

Pranab Banerjee 06 May 2023 at 08:50

A new tax regime has been introduced through the Union Budget 2020. In this tax regime, the income tax rates are lower and if a person opts for this regime, he will have to lose most of the benefits.

Taxation Of Alternate Accommodation - Simplified

Affluence Advisory 05 May 2023 at 08:46

Redevelopment refers to the process of reconstruction of the premises by demolition of the existing structure and construction of new structure in its place. This is done by utilizing the potential of the land by exploiting additional TDR, higher FSI, etc.

Retrospective applicability of Sec 153C "2015 amendment" as held by Supreme Court

CA.Mohit Gupta 02 May 2023 at 09:35

The Supreme Court held that the amendment brought to Section 153C of the Income Tax Act 1961 by the Finance Act 2015 will retrospectively apply to searches conducted prior to the date of the amendment, i.e., 01.06.2015.