Capital Gain in Conversion of Capital Asset into Stock in Trade
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
Income Tax
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Allowances, Exemptions and Deductions under Income Tax Act for Salaried Individuals
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
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
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?
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
Have You Filed IT Returns This Year? If Not, Here’s Why You Must Do It Immediately
The Indian government is trying its best to make the process of filing IT returns seamless and easier. Taking into consideration the COVID-19 threat the... Read More
Trust Formation and its Taxability in India
3 min read
A trust is a relationship among three parties where a trustee/group of trustees holds some assets on behalf of a beneficiary. This relationship is formed... Read More
New Income Tax Arrangement: Queries Regarding the New Amendments
If you are working with an MNC in the present financial year 2020-2021 and your salary and earnings from investments add up to a round... Read More
Tax avoidance frauds: Income Tax Department dishing out rewards of up to Rs 5 crore to informants
2 min read
To back PM’s step against black money and tax elusion, the central government replaced the 2007 version of the Income Tax Informants Reward Scheme with... Read More
Notional Interest Income on Loan, would be assessable as Income of assessee having Business Connection/PE in India: ITAT
ITAT ordered that notional income interest on the loan(interest-free) will now be considered as the income and worth if assessee having permanent residency or business... Read More
Diving Deeper: The Impact of the New Tax Bill on Dairy and Farming Income 
Bombay High Court Upholds Section 271(1)(c) Penalty for Deliberate Non-Disclosure 
Reporting of Foreign Assets by Indian Taxpayers under Section 139(1) of the Income Tax Act 
Major Changes Expected in Direct Tax Code 2025 and why these matter