Tax Articles

long term capital gain vs short term capital gain

Long Term vs Short Term Capital Gain

Long term vs short term capital gain is a concept that is important for any taxpayer who is considering selling a capital asset. Once you understand the difference between LTCG and STCG, you will be able to make better decisions...

section 80ggb

Section 80GGB

Section 80GGB of the Income Tax Act of 1961 provides for tax exemption in order to encourage more contributions to political parties. This section is primarily concerned with contributions and donations made by Indian corporations to political parties or electoral...

section 194k

Section 194K

During Budget 2020, the finance minister, Nirmala Sitharaman, recommended the addition of Section 194K to the Finance Act. This clause allows any resident individual to deduct the amount paid on mutual fund units, up to a certain limit. What is...

section 80m

Section 80M of Income Tax Act

The Finance Act 2020 includes a range of policies and reforms with the objective of boosting economic growth and improving tax administration. Section 80M was introduced to help corporates reduce their tax and compliance burdens under the Income Tax Act,...

short term capital gain tax

Short Term Capital Gain Tax in India

Budget 2023 Updates- An income from market linked debentures are taxable as short term capital gains at applicable rates. What is Short Term Capital Gain Tax? A capital gain arising from the sale of a short term capital asset is...

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difference between tds and tcs

What is the Difference Between TDS and TCS?

It is a very common mistake to consider TDS and TCS the same for the purpose of taxation. In fact, there lies a major difference between TDS and TCS. This difference between the TDS and TCS alters the point of...

section 80ggc

Section 80GGC

What is Section 80GGC? Section 80GGC provides for a tax deduction on any sum contributed in the previous year by any individual to a political party or an electoral trust. However, no deduction is applicable if the individual makes a...

section 80eeb

Section 80EEB

Through the Union Budget in 2019, the Government of India announced an incentive for the purchase of an electric vehicle. The finance minister stated in the budget speech that the scheme will incentivise advanced batteries and registered e-vehicles. This led...