What is Tax Avoidance? Tax avoidance refers to the use of legal means to avoid paying tax. This is majorly dependent on the tax laws of a specific country and the various provisions of the taxation laws in that country....

Security Transaction Tax (STT) is a result of multiple tax evasions of capital gains tax. It was introduced to curb fraudulent transactions of tax evasion. The Government has announced STT in 2004 and was applicable from October 1st, 2004. Also,...

Section 80CCD of the Income Tax Act, 1961 provides for a tax deduction against a contribution made towards the National Pension Scheme and the Atal Pension Yojana. Section 80CCD provides for a tax deduction to the individual taxpayer on fulfillment...

Special Exemptions on Capital Gains on Sale of Immovable Property: The Government of India provides some exemptions on long-term capital gains arising from the sale of immovable property like houses, apartments, etc. For instance, you purchased a flat in May...

What is professional tax? Professional tax is a tax that a state government levies on any individual who earns income through any medium. Unlike the name suggests, professional tax is not just for professionals but for all individuals. The list...

The Income Tax Department lays down the due date for each taxpayer for filing returns, paying taxes, furnishing certificates and so on. A failure, default or delay in doing so results in payment of late fees and penalties. Hence, you...

Income Tax Slabs Under the Old Income Tax Regime and New Income Tax Regime Old Tax Regime Income Tax SlabTax RateUp to ₹ 2,50,000Nil₹2,50,001 - ₹5,00,0005%₹5,00,001 - ₹10,00,00020%Above ₹10,00,00030% New Tax Regime (FY 20-21, FY 21-22 & FY 22-23) Income...

Income Tax Slabs Under the Old Income Tax Regime and New Income Tax Regime Old Tax Regime Income Tax SlabTax RateUp to ₹ 2,50,000Nil₹2,50,001 - ₹5,00,0005%₹5,00,001 - ₹10,00,00020%Above ₹10,00,00030% New Tax Regime (FY 20-21, FY 21-22 & FY 22-23) Income...