Income Tax

Withdrawal facility of Form 15cb enabled on e-filing portal

Withdrawal facility of Form 15cb enabled on e-filing portal

The inability to withdraw 15 CB forms from the e-filing system may account for a significant portion of the time it takes to update them. This is the statement from ICAI. However, the e-filing system has recently included a withdrawal feature, allowing CAs to withdraw their 15CB forms after providing justification. Let’s understand the latest … Read more

What is the benefit of home loan in income tax?

What is the benefit of home loan in income tax

The Indian government has always demonstrated a strong willingness to encourage people to invest in homes. Because of this, Section 80C permits a tax deduction for house loans. Additionally, there are several tax advantages that come with home loans when you purchase a residential property. This article will guide you about important information regarding the … Read more

know all about income tax on freelancer income

know all about income tax on freelancer income

Freelancers are self-employed individuals who manage various jobs for various clients while relaxing in their homes, parks, or café. Independent contractors or freelancers exist in many industries, including social media content writers, website designers, consulting firms, and marketing. However, this convenience is not without cost because, by the Income Tax Act, freelancers are also required … Read more

How to plan income tax for partnership firm

how to plan income tax for partnership firm

Despite the lack of a separate legal entity, partnership firms are treated differently by the Tax authority than their partners. As a result, all partnership firms, whether they are registered or not, must register with the Income Tax Department and obtain a PAN Card No., and income tax for partnership firms must be understood, This … Read more

What is a faceless assessment scheme under income tax

What is a faceless assessment scheme under income tax

Taxpayers have to deal with harassment from tax authorities from time to time, thus the government has instituted an anonymous income tax assessment for their advantage. If there was an error on the return or there was a dispute over-regulation, the assessee was required to attend the I-T department office. Income tax assessments are now … Read more

SC uphlods over 90,000 re-assessment notices deeming them as sec 148A notices

SC uphlods over 90,000 re-assessment notices deeming them as sec 148A notices

The income tax department is working aggressively to tax unaccounted income and the taxpayers now need to be very careful while declaring/her income during Income Tax Return filing. ITR Filing disclosing all income should now be done on time and with transparency. Not doing so will result in a notice from the income department and … Read more

Know Income Tax on Agriculture Income

Know Income Tax on Agriculture Income

Farmers in India are reported to form the majority of the country’s workforce. It is the primary source of income for the vast majority of India’s rural people. The country as a whole is completely reliant on agriculture to provide its basic food needs. Therefore, the government has announced several schemes and benefits to boost … Read more

Tax On Gifts In India: Exemption & Criteria

Tax On Gifts In India Exemption & Criteria

Gifting has been an integral part of Indian culture and has been looked up to as a symbol of love and affection. At certain times, gifting also signifies social status. However, in some cases, the value of expensive gifts like jewelry, residential property, paintings, artifacts, etc., can be substantial. So in this blog, we will … Read more

Keyman Insurance Policy- Tax saving Tool

Keyman Insurance Policy- Tax saving Tool

When a family’s primary breadwinner passes away, his or her death benefits might assist cover the costs of the household. This is a well-known fact.  However,  The idea that life insurance may perform a similar function in the version of Keyman insurance for businesses is less widely understood. In this article, you will understand the … Read more