Income Tax

It is a statement of ‘Specified Financial Transactions’ or SFT transaction that taxpayers are required to submit to the government for a given financial period. Form 61A is generated under Section 285 BA of the ITA and was earlier known as Annual Information Return or AIR.  As per Income Tax Rules 1962, Rule 144E states […]

Section 24 of the Income Tax Act 1961 offers substantial tax benefits for homeowners by allowing deductions on income generated from house property. Given that purchasing a home is a significant milestone for many middle-class Indians, home loan EMIs often become a major financial commitment. Recognising this, the government has introduced provisions under Section 24

TDS or tax deducted at source refers to the process of collecting income tax at source by the government of India. It is a kind of spot deduction of tax from the original source of income. TDS is deducted as per the Indian Income Tax Act, 1961. TDS is controlled by the Central Board for

The Income Tax Act, 1961, levies a tax on every individual who earns an annual income over the tax-exempt limit, at a prescribed rate. In this regard, a senior citizen’s earnings can exist in the form of pension, interest on savings, fixed deposits, rental income, reverse mortgage, etc. According to the ITA, these sources of

The Income Tax Bill 2025, introduced in Parliament, proposes significant changes to Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) provisions. These changes aim to simplify the tax deduction and collection process, ensuring better compliance for individuals, businesses, and tax professionals. Understanding TDS & TCS Tax Deducted at Source (TDS) TDS is a mechanism

“The word ‘Charity’ connotes altruism in thought and action. It involves an idea of benefiting others rather than oneself” Supreme Court in the case Andhra Chamber of Commerce [1965] 55 ITR 722 (SC).   Charity is a selfless voluntary help either in money or kind to the needy. Hence, there are various Non-Governmental Organizations (NGOs) and

The TDS deduction on the payment of commission or brokerage is covered by Section 194H. When the amount surpasses Rs.15,000 in a year, it requires that the person (other than an individual or HUF) in charge of paying commission or brokerage to residents deduct taxes at the rate of 5%. All individuals and HUFs who need

Section 16 provides a deduction from the income chargeable to tax under the head salaries. It offers deductions for the standard deduction, entertainment allowance, and professional tax. Section 16 of the Income Tax Act provides tax deductions on salary income to reduce your taxable income. It includes: Standard Deduction: A flat deduction of ₹50,000 for salaried

Income Tax Refund arises in case of a mismatch between the tax amount paid and the actual payable amount. If the amount paid is higher than the actual amount payable, a refund is initiated. What is Income Tax Refund? An income tax refund refers to the amount of money that a taxpayer receives from the government

India is the second-fastest-growing freelance market in the world. Freelancing has seen a tremendous surge in the past 2 years as the world experienced immense uncertainty in jobs due to the pandemic. Freelancers are now being considered as the future of business. Though freelancing has a remote-centric work scenario, it is still subject to tax