Tax Articles

tax audit

Income Tax Audit under Section 44AB of Income Tax Act

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...

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Difference between Tax Exemption, Tax Deduction and Tax Rebate?

Tax is the biggest worry for most of us. Like me, there are many who do not understand the process and are worried about how to get through this during this time of the year. We either hire an expert...

save tax on property sale

How to Save Tax on Sale of Property?

Special Exemptions on Capital Gains on Sale of Immovable Property: The Government of India provides some exemptions on long-term capital gains arising from the sale of immovable property like houses, apartments, etc. To understand how capital gains are calculated and...

tcs tax collected source

Tax Collected At Source (TCS)

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...

section 80gg

Deduction Against Rent Paid under Section 80GG of Income Tax Act,1961

Section 80GG of Income Tax Act Section 80GG of the Income Tax Act under Chapter VIA provides a tax deduction to self-employed individuals and salaried employees for the rent paid. Here, the motive is to provide a tax benefit to...

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form 16

Form 16

What is Form 16 in Income Tax? Form 16 in income tax is a TDS certificate that every employer must issue to its employees under section 203 of the Income Tax Act, 1961. The employer must mandatorily issue it on...

save taxes on health insurance

How to Save Tax on Health Insurance?

If you are planning for your tax saving, then a good option would be to invest in Health Insurance. Not only does it reduces your taxable income but also, provides you protection against the rising medical expenses. How much deduction...

section 80d

Section 80D of Income Tax Act- Meaning, Eligibility, Deduction Allowed

In order to take care of one’s medical emergencies, medical insurance is considered as the safest investment option. This allows the taxpayer to avail of the benefits on two front. One being taken care of by the insurance policy in...