What is Section 10 of Income Tax Act? Section 10 of Income Tax Act, 1961 includes such income that does not form part of the total income while calculating the total tax liability of any person. These incomes are also...

What is Residential Status? The residential status of a taxpayer is important because the income tax department provides for a different tax treatment for its taxpayers. Hence, it is imperative for every taxpayer to determine their residential status before doing...

What are Perquisites in Income Tax? Perquisites in Income Tax are any excess benefit or advantage given to an employee by their employer in addition to the basic wages or salaries. These benefits usually form a part of the total...

Income tax is levied on all individuals, HUFs, partnership firms, LLPs, and corporations as per Income Tax Act. If an individual's income exceeds the minimum threshold limit, they are subject to a slab system of taxation (i.e. basic exemption limit)....

Long term vs short term capital gain is a concept that is important for any taxpayer who is considering selling a capital asset. Once you understand the difference between LTCG and STCG, you will be able to make better decisions...

Budget 2023 Updates The conversion of physical gold to Electronic Gold Receipt and vice versa does not result in capital gains Deduction under section 54 and section 54F is capped to Rs 10 crores No LTCG benefit for Debt Mutual...

What is Long Term Capital Gain Tax on Shares? A long term capital gain on shares arises if a taxpayer sells any unit of shares. The tax liability arises on the sale of shares. Such a transfer or transaction is...

The Income Tax Department has launched its new e-filing website on the 7th of June, 2021. This new portal will soon replace the existing portal www.incometaxindiaefiling.gov.in. With the main focus on a user-friendly e-filing experience for the taxpayers, the new...