ITR Filing for the First Time: What New Taxpayers Need to Know
Each year, taxpayers are required to file the relevant Income Tax Return (ITR) and furnish the Income Tax Department with details...
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Dipali Waghmode
May 248 min read
Know Your TAN: How to Obtain TAN Number and Download TAN Certificate
Every Indian taxpayer has to know their TAN. It is a 10-digit alphanumeric identity number issued to those who, individually or as an...
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Dipali Waghmode
May 2412 min read
Can I Pay Rent to My Parents to Save Tax?
Many of us are unaware that the house rent we pay can substantially decrease our taxable income by way of house rent allowance. But does...
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Nimisha Panda
May 248 min read
Section 115BAB of Income Tax Act: Tax Rate for New Manufacturing Companies
The Ministry of Finance introduced Section 115BAB to allow new domestic manufacturing companies to pay taxes at a concessional rate of...
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Indrajeet Sharma
May 237 min read
Know Your PAN- A Detailed Guide for Taxpayers
In compliance with Section 139 of the Income Tax Act, 1961, the Income Tax Department of India assigns PANs, or Permanent Account...
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Indrajeet Sharma
May 235 min read
Section 147 of the Income Tax Act: Income Escaping Assessment and Reassessment
Section 147 of the Income Tax Act empowers the Income Tax Department to reassess and recompute a taxpayer’s income if it has “escaped...
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Nimisha Panda
May 2313 min read
How to Save Tax for Salary above 20 Lakhs
Is your salary income more than INR 20 lakhs? Do you feel the pinch of higher tax rates? With strategic planning and smart financial...
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Simran Sahni
May 236 min read
Tax Implications for Professional Income above 50 Lakhs
Tax compliance is challenging for professionals whose annual income is above INR 50 lakhs. Since once the income crosses this significant...
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Nimisha Panda
May 238 min read
Section 115BAA of the Income Tax Act- A Comprehensive Overview
On September 20, 2019, the Government of India implemented Section 115BAA using the Taxation (Amendment) Ordinance 2019. The Income Tax...
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Dipali Waghmode
May 229 min read
Agricultural Income in Income Tax: How is it Treated
In India, one of the main sources of income is agriculture and its related industries. According to data gathered by the Food and...
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