Tax Articles

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 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 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...

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...

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...

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...

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...

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....