The ITR-3 form is one of the income tax return forms that can be used by individuals and Hindu Undivided Families (HUFs) who have income from profits and gains of business or profession… Read More

As per Section 14 of the Income Tax Act of 1961, there are five heads of income for the computation of income tax. The government has defined such five heads for the assessee, who can easily… Read More

The Union government in its Budget for 2020-21 introduced a new regime of tax at different (lower) slabs for salaried individuals. An assessee was free to opt between the new regime or the o… Read More

Before going to How to Get Double Taxation Relief let’s understand A practice known as “double taxation” describes the imposition of taxes on an income more than once. Doub… Read More

Did you know that every business needs to file a GST return? In this blog post, we will explain what GST is, the dif… Read More

What Is Other Income? Other income refers to those sources of income of an individual or business which arise out of activities besides the main activity to be recorded separately in Sche… Read More

ITR is an abbreviation for Income Tax Return. The Income Tax Act of 1961 specifies the ITR forms and processes that must be completed. This blog will teach you everything you need to know ab… Read More

To keep a watch on high value transactions and track undisclosed income, the Income-tax Law framed the concept of Statement of financial transaction or reportable account. Specified entities… Read More

ITAT followed Delhi High Court in Cheminvest and held that, unless during the relevant previous year, assessee earns any exempt income no disallowance under section 14A r/w rule 8D can be ma… Read More

Salaried and self-employed individuals can claim deductions for house rent paid, under several sections, such as Section 80GG of the Income Tax Act and Section 10 (13A). In this article, we… Read More

What is Progressive Tax? A progressive tax is a logical tax system wherein the tax rates increases as per increase in the taxable income of the assessee (i.e. taxable person), which leads t… Read More

In India, Income tax is a tax you pay to the government based on your income. The government uses this tax money for various purposes including public services, infrastructure developme… Read More

The Indian government like any other government needs huge financial resources to meet its mammoth annual expenditure. The chief sources of government revenues are obviously the taxes that w… Read More

What is After-Tax Income? After-tax income is the income net of taxes i.e. after deduction of all the direct taxes levied by the government of respective countries and also be referred to a… Read More

Capital gain refers to the profit that one earns through the sale of a capital asset, such as real estate, or even stocks or bonds. It is the difference between the selling price of the prop… Read More

Tax Residency Certificate (TRC)  For Indian Resident Assessee From 01.4.2013 the India Residents who earns Income from Countries with which India have a DTAA can obtain  a Tax Resi… Read More

As they say, nothing is certain except death and taxes. Since we would like to focus on the more cheerful of these two options, lets’s talk of taxation. Taxes come in various avatars… Read More