MAT tax, or Minimum Alternate Tax, ensures that enterprises pay a minimum tax amount to the Government of India (GoI). MAT income tax was introduced by the Finance Act 1996.  The current MAT tax provisions were introduced in Finance (No.2)...

While going through your pay slip or offer letter you must notice the allocation of transport allowance. Like other allowances, transport allowance is also a part of your CTC and fixed pay. In recent years, the taxability and tax exemption...

What is TDS ? In the case of certain incomes, a tax is required to be deducted at source by the payer before making the payment. The rates have been specified under the income tax act under various categories. There...

What is TCS Tax? TCS is the tax that is collected by the seller from the buyer. The goods are specified under section 206C of the Income Tax Act, 1961.  Let us take an example- Mr. Arun buys 10 kgs...

What is Tax Year? The 2022 tax year is the assessment year 2022-23 and previous year 2021-2022 in India. A financial year (FY) is the period between 1st April to 31st March, the year in which a taxpayer earns his...

The tax rebate u/s 87A allows a taxpayer to reduce his/her tax liability marginally depending on the net total income. In this article, we will cover the eligibility, steps to claim, points to keep in mind while claiming the rebate....

Tax liability is the debt every individual, corporate, institution owes to the Central Government of India. The taxability, rate, type of tax depends on the type of income and the statutory body regulating such taxation. The taxes collected from the...

What is a tax information network TIN? With the advancement of technology, the income tax department has been constantly working on leveraging the technology in order to provide smooth services to the taxpayers. Keeping this in mind, the department launched...