A dividend is a payment by a corporation to its shareholders from its profits. A dividend distribution tax was a levy imposed on a corporation’s dividend payment to its shareholders. The DDT was repealed by the Finance Act of 2020, reverting to the traditional taxation system, in which dividends are taxed in the hands of…
The Indian government collects a variety of taxes from both individuals and businesses. The Indian government is working to broaden the tax-payer base and ensure that no individual or corporation earning a significant profit is exempt from paying income tax. All such taxes owed by businesses fall into one of two categories: direct taxes or…
If the Income Tax Authority isn’t pleased with your ITR filing or has a question for you, the Income Tax Department may send you a notice, letter, or, in the most extreme circumstances, a summons. The Central Board of Direct Taxes now allows taxpayers to check the legality of all such letters, as any communication…
A man wanted to change his place of residence for some reason, so he sold his old house and bought another house with the sale proceeds. In this case, the purpose of the seller was not to make money by selling the old house but by getting another suitable house. Now, if the seller is…
The Income-tax Act imposes numerous forms of interest for various types of delays/defaults. This article discusses the provisions of sections 234A, 234B, and 234C of the Internal Revenue Code that deal with interest charges. The failure to file a tax return on time Advance tax non-payment or underpayment Non-payment or underpayment of individual advance tax…
Tax Deducted at Source (TDS) is the tax, which is deducted from the income of a person before the sum is credited to his account. The deduction is done by the deductor and it is deducted each month by employers. Table of Contents What is TDS? What is TDS Refund? How to claim and check…
The term Property indicates a capital asset that includes flats, buildings, and surprisingly a plot of land. Further, the principle reason for the financial investors to invest into property is to create again by selling something very similar at a higher rate. Further, an immovable property draws in real estate returns, accordingly, exchanges including purchase…
The Central Board of Direct Taxes (CBDT) has dispatched the new income tax e-filing portal on 7th June 2021. The new gateway ‘www.incometax.gov.in’ has supplanted the current e-filing entry ‘www.incometaxindiaefiling.gov.in’. The citizens will presently need to document their income tax returns (ITRs) and do any remaining tax related assignments through the new gateway. The portal…
Charitable institutions registered under section 12AA of the Act may seek exemption under section 11 of the Act once conditions have been met. Section 11 is a general provision and applies to all institutions which are charitable while Section 10 (23C) is a specific exemption provision relevant to certain public and private educational institutions. This…
Housing Rent Allowance, or HRA, is a portion of most salaried individuals’ pay. If you fulfil all of the conditions, the HRA you get is not entirely taxable and could be subtracted from your taxable income. To be eligible for HRA, you must live in rental housing and pay monthly rent. So, Can I pay…