What is Tax Evasion? Any action intended to conceal, understate, or fraudulently disclose income to lower your income tax liability is considered tax evasion. Tax evasion includes failure in paying taxes on time or paying less than the actual tax...

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....

What is an income tax audit under section 44AB? In India, various laws govern different types of audits like statutory audit, stock audit, cost audit. The core purpose of these audits is to ensure that the books of accounts are...

What is the Standard Deduction in Income Tax? The standard deduction is beneficial for both the employers and salaried employees. For the employers, it would result in less administrative efforts in the processing of transport and medical bills. For the...

Many times we come across allowances such as transport, conveyance, uniform allowance, etc. These are special allowances that an employer offers to its employees regularly. These allowances have specific requirements and conditions for taxability. In this article we have covered...

What is Self Assessment Tax? It is a well-known fact that every person has to pay tax on their income. There are various ways in which tax is collected by the government by way of advance tax, tax deducted at...

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,...

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...