Tax Articles

The Income Tax Act, 1961 provide provisions for a variety of profit-related deductions under Chapter VI-A. The intent of these provisions is to stimulate investments in particular industries among the taxpayers. With regard to profits and gains of particular businesses,...

What is TAN? and Why is TAN Necessary? TAN stands for Tax Deduction and Collection Account Number. The Income Tax Department issues TAN to taxpayers. Moreover, individuals and businesses who are obligated by the Income Tax Act of 1961 to...

What is Section 80C? Section 80C of the Income Tax Act gives a privilege of tax deduction up to Rs1.5 lakhs to individuals and HUF. The tax deductions provide a means for individuals to reduce their gross total income and...

What is Form 13 in Income Tax? TDS stands for “Tax Deduction At Source”. Form 13 For TDS Deduction is an Income Tax for Lower Deduction of TDS as per Section 197 of the Income Tax Act, 1961. TDS needs...

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...

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)....

What is Form 12B? Form 12B is an income tax form that should be submitted by an individual taxpayer who joins a new organisation in the middle of the financial year. The Rule 26A lays down the requirement for filling...

What is Capital Gain on Shares? A capital gain arises when a taxpayer sells a capital asset. Hence, the asset being sold must be a capital asset. The taxability arises only when a taxpayer sells their capital assets. While calculating...