Income Tax on Withdrawals from EPF
The Employees’ Provident Fund (EPF) stands as a pivotal component of retirement planning for salaried employees in India. Governed by the Employees’ Provident Fund Organisation (EPFO), this scheme not only…
Latest Happening in Income Tax in India
A Comprehensive Guide to Navigating Cryptocurrency Taxes in India 2024
Cryptocurrency, an innovation of digital technology, is swiftly ushering in a new era in the financial world. Defined as a decentralized digital asset and a medium of exchange, it operates…
Supreme Court: Pharma Companies not allowed deduction of Freebies Given to Doctors as Expenses
In a landmark judgment that has drawn significant attention from the healthcare and pharmaceutical sectors, the Supreme Court of India has established a precedent with far-reaching consequences. The case in…
All About Form 67 and How to Claim Foreign Tax Credit in India
As globalization integrates world economies, individuals often find opportunities and responsibilities crossing the borders. For Indian residents who earn income outside India, understanding and managing double taxation gains paramount importance…
TDS on Crypto / NFT / Virtual Digital Assets Explained (Section 194S)
The landscape of investments and financial assets has profoundly transformed with the integration of digital technology. Among these advancements, Virtual Digital Assets (VDAs) such as cryptocurrencies and Non-Fungible Tokens (NFTs)…
Decoding Wedding Gift Tax: What You Need to Know
The sheer vibrancy and joy of wedding celebrations in India are matched only by the opulence of gifts exchanged. From cash to cars, jewellery to property, wedding gifts essentially mirror…
NRE vs. NRO Accounts: Detailed Guide with Tax Benefits
For Non-Resident Indians (NRIs) navigating financial obligations across countries, the management of finances can often appear daunting. Deciding where to deposit earnings, how to manage Indian income, and understanding repatriation…
Section 194-IB: Understanding the Essentials of Rental Income Tax Deduction
Welcome to the comprehensive guide on Section 194-IB, which is crucial for tenants who are paying a monthly rent exceeding 50,000. We will try to break down this section to…
Know All About Tax on Dividend Income
Dividends are a form of income derived from investments in shares of companies or mutual funds. For those investing in such financial instruments, understanding the tax implications of dividend income…
All You Want to Know About HUF: Taxation, Formation, Benefits etc.
The concept of a Hindu Undivided Family (HUF) is not only a fundamental aspect of Hindu law but also a highly favored entity for income tax planning in India. At…
Detailed Guide to Minimum Alternative Tax Section 115JB
Understanding MAT Minimum Alternate Tax, commonly known as MAT, is meticulously designed to ensure that companies with large profits, as per their financial statements, contribute a fair share of taxes…
Capital Gains Account Scheme (CGAS) : A Detailed Guide
When selling assets like property or stocks, the profit earned constitutes what is known as a capital gain, which is taxable under the Indian Income Tax Act, 1961. However, to…
