An insurance policy is bought very often by individuals in India. An insurance policy could be a health policy, a term insurance policy, or a life insurance policy. You can buy your insurance policy through an individual agent, corporate agent,...

What is Section 194A of Income Tax Act, 1961? According to section 194A of income tax act, every assessee is liable to deduct tax at source on interest other than interest on securities. Here, every assessee includes taxpayers who are...

Sometimes, it is possible that once the taxpayer files their income tax return, the assessing officer finds some errors in the assessment. In such cases, the mistakes that are apparent from the record can be rectified by the taxpayer under...

The income tax department has the power to reassess or re-compute an individual’s previously filed income tax returns. The Assessing Officer (AO) has the power to pick your ITR for reassessment subject to fulfilment of prescribed conditions. The AO will...

Letter of intimation under section 143(1) of Income Tax Act For a particular assessment year, once a return is filed by the assessee, it goes for processing to the department. Once the income tax department processes the return, it sends...

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)....