House rent allowance (HRA) is one of the major exemptions that employees claim, which helps them bring down their tax liability.
2 min read13 Aug 2020There are different sections of the Income-Tax Act other than Section 80C that can help you save tax. We tell you about different categories under which these deductions are available and its various conditions.
13 Jan 2020But, if you choose to sell the shares, you will be required to compute the taxable long-term capital gains or loss arising in your hands The TDS obligations in India depend on the payor, payee status and the nature of payment
1 min read1 Sep 2019Ancestral property is defined as one which a person inherits from any of three immediate male ancestors—father, grandfather and great grandfather Here’s how ancestral property is taxed under the Hindu Succession Act.
3 min read19 Jun 2019Notions of customer preferences and concerns over tax liability explain the low rates of digital payment adoption in India according to a new study
1 min read25 Apr 2019Taxpayers who have missed the last deadline will continue to be liable to pay tax along with interest and penalty. They will also be liable to be prosecuted under Section 276CC of the Income-tax Act, 1961, for wilful failure to file ITR
2 min read10 Apr 2019If you miss the 31 March 2019 deadline, you will not be able to file ITR for AY 2018-19 at all, which could lead to imprisonment and steep penalty Tax authorities may prosecute you for wilfully not furnishing ITR if the amount of unpaid tax exceeds ₹3,000
3 min read26 Mar 2019Every individual tax assessee whose estimated tax liability for an FY exceeds ₹10,000 needs to pay advance tax A resident senior citizen not having any income from business or profession is not liable to pay advance tax
1 min read13 Mar 2019There are quite a few products and expenses that do not fall into the 80C basket of deductions but can fit into your financial plan and also get you additional tax benefit Health insurance premiums, and interest paid on home and education loans can get you extra tax benefit
3 min read24 Jan 2019If you fail to adhere to the advance tax schedule, you will have to pay interest on the due taxes
3 min read13 Dec 2018