Income Tax Blogs

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Annual Information Statement (AIS)- A New Statement for Filing Income Tax Return (ITR)

What Is AIS? Before discussing AIS, we should understand Form 26AS, a consolidated statement of TDS Deducted or Collection at source, self-assessment taxes, advance taxes, etc. which

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Set off and Carry Forward of Income Tax Losses

The Income Tax Department provides relief to taxpayers when they incur any losses. The relief is provided as a deduction from the Taxpayer’s Income with some conditions and restrictions.

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Section 111A and 112A of the Income Tax Act

Introduction The capital gains on the transfer of short-term or long-term capital assets, being an equity share, units of an equity-oriented fund, or units of business trust is dealt with under s

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House Property – Taxation and Exemption

House Property – Taxation and Exemption Introduction House Property Income includes the income earned from the renting of building or land appurtenant thereto. The income is chargeab

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Income From Other Sources

Introduction The income of the taxpayer is taxable under the Five heads of Income. The following are the heads of income: Salaries House Property Business or Profession Capital Gai

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Salary – Taxation and Exemption

Introduction Under the income tax act, the amount earned where there is an existence of the employer-employee relationship is taxable under the head “Salaries”. Salary includes wages, a

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Alternative Minimum Taxation (AMT)

Introduction The Income Tax Department has introduced AMT for non-corporate taxpayers. The AMT is similar to the Minimum Alternative Tax (MAT) for corporate taxpayers. The AMT ensures that the ta

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TDS on Sale of House Property

Introduction The Income Tax Act provides the provisions for deduction of tax on the sale of house property. The provision for deduction of tax is introduced to bring to tax the transaction of sale

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Cryptocurrency – Taxation India

Introduction Cryptocurrency is a digital currency. This currency is considered quite safer as compared to the real currency as the transaction of cryptocurrency is carried on using some complicated

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TDS on Google and Facebook Ads

Introduction Advertisement through Google and Facebook has increased significantly due to an increase in the number of internet users. Businesses have increased their dependence on the inte

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Taxation of Intraday and Derivative Transactions

Introduction With the increased knowledge among the people about Stock Market the transactions in the market have gone many folds during the last 5-10 years. But with this increase in the transacti

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Deduction – 80U Introduction

Deduction – 80U Introduction Deduction under section 80U can be claimed from the Gross Total Income of the taxpayer. The taxpayer can reduce the Income tax liability. The deduction is

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