Tax Articles

section 44ae

Section 44AE

What is Section 44AE of The Income Tax Act, 1961? Section 44AE of the income tax act, 1961 is an income scheme introduced by the Income Tax Department for small and medium enterprises. The aim is to simplify the taxation...

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Form 15H – TDS on Interest Income

Form 15H is a very popular form among investors and taxpayers. To avoid deduction of TDS from your interest income you can surely opt for this route. You can avoid TDS on interest income, rental income, insurance commission, insurance maturity...

Section 194D – TDS on Insurance Commission

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,...

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TDS on Salary Under Income Tax Act, 1961

Section 192 of the Income Tax Act, 1961 provides for TDS on salary income earned by an employee and paid by an employer. The employer deducts tax deducted at source while paying or crediting the salary income to the employer....

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Direct Tax

What is Direct Tax? In India, taxes are levied by the Government through Direct & Indirect Taxes. Both are extremely important in the growth of the Indian economy. Direct taxes, in simple terms, is the tax that is levied directly...

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Section 154 of Income Tax Act, 1961

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...

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How To Calculate Deferred Tax Asset and Liability in Income Tax?

Before moving to understand the concept of deferred tax liability, below are a few key points that need to be considered: Companies generally prepare two important financial reports for every year, being tax statements and income statements.Considering the tax laws...

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Section 80E

With the increasing need and demand for higher education among the student there lies a huge cost of such higher education. Usually, an education loan is taken by the student and repaid after completing the education. Once a student land...