Income Tax Guides

income tax slabs

Income Tax Rates FY 2022-23

Budget Feb 1, 2023 (Income tax slab updates)1) Income tax exemption limit increased from Rs 2.5 lakh to Rs 3 lakh2) Tax Rebate under section 87A increased from Rs 5 lakh to Rs 7 lakh3) Going forward, the new income...

cost inflation index

Cost Inflation Index (CII)

What is Cost Inflation Index (CII)? In general, as inflation rises, so do the prices of goods. As a result, the purchasing power of money falls. For example, if you can buy ten units of some products for Rs. 1,000...

perquisites in income tax

Perquisites in Income Tax

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...

short term capital gain on shares

Short Term Capital Gain on Shares

What is Short Term Capital Gain on Shares? A capital gain arising from the sale of a short term capital asset is a short term capital gain. The applicable tax on STCG is different for different assets. In the case...

long term capital gain on shares

Long Term Capital Gain Tax on Shares

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...

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form 10e

How To File Form 10E

Applicability of Form 10E The income tax liability is calculated on the basis of the income earned by a taxpayer during the financial year. While calculating the income tax, the total income, expenses, deductions, and exemptions are considered. However, a...

form 27c

Form 27C of TCS

What is Form 27C in TCS? Form 27C in TCS is a declaration through which any taxpayer can claim an exemption on a collection of TCS. Like TDS, tax collection at source is a mandatory tax collection on specified transactions....

long term capital gain vs short term capital gain

Long Term vs Short Term Capital Gain

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...