Tax Articles

self assessment tax

Self Assessment Tax

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...

tax rebate

Income Tax Rebate u/s 87A

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....

advance tax

What is an advance tax? Who should pay and when?

Advance tax is paid on income that one earns during the year, usually in installments. It is estimated based on the income that one might earn during the year. Anyone with a tax liability above INR 10,000 is liable to...

section 194a

Section 194A of Income Tax Act, 1961

What is Section 194A of Income Tax Act, 1961? According to section 194A of income tax act, every assessee is liable to deduct tax at source on interest other than interest on securities. Here, every assessee includes taxpayers who are...

income tax refund status

Guide on How To Check Income Tax Refund Status Online?

What is an income tax refund? An income tax refund arises when the tax paid by the taxpayer is higher than the tax liability at the time of filing the income tax return. The tax paid by the taxpayer can...

Practical Insights For Wealth Creation


Our weekly finance newsletter with insights you can use

Your privacy is important to us

gift amount not taxable in india

Amount received as gift by any blood relative living in US is not taxable in India

This article was first published on livemint. I am a US resident and gifted money to my parents in India. They invested that in mutual funds in their name. Are there any tax implications for me? Any amount received as a...

tax liability

Tax Liability

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...

taxation

Taxation

Taxation is an important source of revenue for any government. This helps in the economic growth of a country along with infrastructure development in a country. The constitution of India gives the authority to the government of India to collect...