Intoduction Section 80EEB was introduced in the 2019 budget by the Indian government with the aim to promote the adoption of electric vehicles (EVs) and… Read More »Section 80EEB – Deduction in respect of interest paid on loan taken for the purchase of electric vehicle
FAQs on Refund on Account of Export of Goods Am I eligible to receive the refund of IGST and Cess paid on export of… Read More »Refund on Account of Export of Goods (With Payment of Tax)
The Ministry of Finance has disclosed the remarkable performance of India’s direct tax collections for the Financial Year (FY) 2023-24, reflecting robust economic activity and… Read More »Direct Tax Collection FY 2023-24
Introduction The income taxable in the hands of an individual and tax liability thereon shall be computed according to his residential status. The income taxable… Read More »How To Compute Tax Liability of an Individual
Capital gains on compulsory acquisition of immovable property [Section 45(5)] The capital gains arising from the compulsory acquisition of immovable property shall be taxable in… Read More »Section 45(5) – Compulsory Acquisition
Introduction The provisions of tax deducted at source presently apply to several payments like salary, interest, commission, brokerage, professional fees, royalty, etc. In this part,… Read More »Section 194A: TDS on Interest other than Interest on Securities
Introduction It is mandatory for every taxpayer to communicate the details of his income to the Income tax Department. These details are to be furnished… Read More »Return of Income : Section 139 of Income Tax Act
Introduction A very common and frequent question running in the mind of taxpayers is the taxability of gifts. In this part, you can gain knowledge… Read More »How are Gifts Taxed? – Gift Tax Exemption Relatives List
Introduction An updated return is a return of income that can be filed by a taxpayer within 24 months from the end of the relevant… Read More »ITR U – What is ITR-U & How to File Updated Return under Section 139(8A)
Introduction Annual Information Statement (AIS) is a crucial component of income tax compliance in India. It is designed to streamline the reporting process for taxpayers… Read More »Annual Information Statement (AIS) under Income Tax Act