Tax Articles

Sometimes, it is possible that once the taxpayer files their income tax return, the assessing officer finds some errors in the assessment. In such cases, the mistakes that are apparent from the record can be rectified by the taxpayer under...

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...

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 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...

What is professional tax? Professional tax is a tax that a state government levies on any individual who earns income through any medium. Unlike the name suggests, professional tax is not just for professionals but for all individuals. The list...

What are Perquisites in Income Tax? Perquisites in Income Tax are any excess benefit or advantage given to an employee by their employer in addition to the basic wages or salaries. These benefits usually form a part of the total...

Income tax is levied on all individuals, HUFs, partnership firms, LLPs, and corporations as per Income Tax Act. If an individual's income exceeds the minimum threshold limit, they are subject to a slab system of taxation (i.e. basic exemption limit)....