Income Tax News, Judgments, Act, Analysis, Tax Planning, Advisory, E filing of returns, CA Students

Revised Rules for Income Tax Provisions Applicable From October 2020 3 min read

• Income Tax

Revised Rules for Income Tax Provisions Applicable From October 2020

Diksha Garg 3 years ago

There are some consequential amendments made in the IT provisions by the CBDT about the expenditure and payments. The changes will be relevant from October... Read More

What are Major Changes with Faceless Assessment? Will it Actually Help Taxpayers or Add Any Woes? 2 min read

• Income Tax

What are Major Changes with Faceless Assessment? Will it Actually Help Taxpayers or Add Any Woes?

Diksha Garg 3 years ago

Every administrative department of the government is on the road to digitalization. Old practices are now being done online to achieve efficiency, and optimally utilize... Read More

What High Value Transactions are Reported to the Income Tax Department? 2 min read

• Income Tax

What High Value Transactions are Reported to the Income Tax Department?

Diksha Garg 3 years ago

 With the increase in instances of transactions in higher denominations, the Income Tax Department is working in solidarity with other government departments to trace those... Read More

Will Faceless Assessments Reduce Taxpayer Harassment? 3 min read

• Income Tax

Will Faceless Assessments Reduce Taxpayer Harassment?

Diksha Garg 3 years ago

The taxpayers have always expressed their concern over the power vested with the assessing officers, which in many cases has led to corruption and harassment.... Read More

Adjust Capital Gains Against Basic Exemption Limit to Reduce Income Tax 2 min read

• Income Tax

Adjust Capital Gains Against Basic Exemption Limit to Reduce Income Tax

Diksha Garg 3 years ago

It is necessary to understand the basic terms related to income tax: What is Capital Gain? The Excess income from the sale or exchange of... Read More

Capital Gain in Conversion of Capital Asset into Stock in Trade 2 min read

• Income Tax

Capital Gain in Conversion of Capital Asset into Stock in Trade

Diksha Garg 3 years ago

According to Section 45(2) of the IT Act, when an assessee converts a capital asset into stock-in-trade of his business, it is considered as a... Read More

Allowances, Exemptions and Deductions under Income Tax Act for Salaried Individuals 2 min read

• Income Tax

Allowances, Exemptions and Deductions under Income Tax Act for Salaried Individuals

Diksha Garg 3 years ago

The contribution of salaried employees towards the overall tax collection is quite significant owing to their large numbers. Allowances and deductions allow them to reduce... Read More

Should you be Investing in an Annuity? 2 min read

• Income Tax

Should you be Investing in an Annuity?

Diksha Garg 3 years ago

An annuity is one of the stipulated tax-saving tools that allow one to reduce his taxable income, and further the tax liability. However, lower returns,... Read More

Create HUF to save tax and Other Important Aspects of HUF Under Income Tax, 1961 21 min read

• Income Tax

Create HUF to save tax and Other Important Aspects of HUF Under Income Tax, 1961

Rajbir Chawla 3 years ago

Check how you can use HUF as a tool of tax planning and how to make a HUF Creation deed... Read More

Which is Better Old vs New Income Tax Regime? 4 min read

• Income Tax

Which is Better Old vs New Income Tax Regime?

Diksha Garg 3 years ago

if you are investing more than 175,000 in various items eligible for deduction, you must stick to Old Tax Regime, New Tax regime is only good for those, who do not intend to invest in any tax saving option... Read More