Tax Articles

The income tax department has the power to reassess or re-compute an individual’s previously filed income tax returns. The Assessing Officer (AO) has the power to pick your ITR for reassessment subject to fulfilment of prescribed conditions. The AO will...

Letter of intimation under section 143(1) of Income Tax Act For a particular assessment year, once a return is filed by the assessee, it goes for processing to the department. Once the income tax department processes the return, it sends...

What is Section 112A? Section 112A provides for long term capital gains on the sale of listed equity shares, equity-oriented mutual funds, and the units of a business trust. The said section was introduced in Budget 2018 after the removal...

What is Section 10 of Income Tax Act? Section 10 of Income Tax Act, 1961 includes such income that does not form part of the total income while calculating the total tax liability of any person. These incomes are also...

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...

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. For instance, you purchased a flat in May...

What is Salary Slip? A salary slip or payslip is a document issued monthly by an employer to its employees. A salary slip contains a detailed breakdown of employee salary and deductions for a given period. This document can be either...

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...