Standard Deduction u/s Section 16 of Income Tax Act, 1961 Section 16 of Income Tax Act, 1961 provides deduction from income chargeable to tax under the head ‘salaries’. It provides deductions for the standard deduction, entertainment allowance, and professional tax....

For most of the people carrying on a business or profession, maintenance of books of accounts has always been a trick question. There are many misconceptions about the maintenance of accounts under section 44AA of Income Tax Act,1961. An assessee...

The Income Tax Act, 1961 provide provisions for a variety of profit-related deductions under Chapter VI-A. The intent of these provisions is to stimulate investments in particular industries among the taxpayers. With regard to profits and gains of particular businesses,...

Similar to TDS, many transactions require Tax Collected at Source (TCS) at the prescribed rate against the type of goods sold. The Income Tax Department mandates every taxpayer to furnish their PAN to the collector of TCS. This is simply...

What is Section 194C of Income Tax Act? As per section 194C of the Income Tax Act, 1961 if any person pays an amount to any resident contractor in pursuance of a contract between the contractor and a specified person...

If a professional has worked in an organisation for more than five years now, they might be aware of gratuity. They might Google questions like these: Is gratuity taxable or not? Is gratuity taxable in India? What is tax exemption...

Have you sold goods worth more than ₹50 lacs during the current financial year? Then, you need to consider Tax Collection at Source (TCS) as you receive payment from the buyer under Section 206CL of the Income Tax Act.  Sec...

Form 10IE is filed to choose the new tax regime under the Income Tax Act.  The Union Budget 2020 introduced a new tax regime that offers a lower income tax rate without the old tax regime’s deductions. Taxpayers can choose...