Tax Articles

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...

tax year

Tax Year

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...

income tax efiling

How to eFile Income Tax Returns for Free

Incometaxefiling website which helps the taxpayers to file their returns along with the facility to view the taxpayer’s information relating to pending notices, previous year returns, etc. How to eFile Income Tax Returns with incometaxindiaefiling.gov.in? Step 1: Login to the...

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section 80ccd

Section 80CCD

Section 80CCD is one of the popular sections after Section 80C with regards to tax deductions of the Income Tax Act, 1961. It covers the National Pension Scheme (NPS) and Atal Pension Yojana (APY). This deduction is available to all...

income tax payment

Online Income Tax Payment

Income tax is a tax levied by the government of India on the income of every person. Once a person is liable for income tax payment to the government, a question arises as to how this tax payment can be...

long term capital gain tax

Long Term Capital Gains Tax

A long term capital gains tax arises on a transfer or sale of a capital asset. There are other factors that contribute towards the taxability of such a transfer like type of asset, holding period, applicable tax rate, exemption etc....