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Income Tax Penalties for Employers

Income Tax Penalties for Employers

Failure to deduct tax – Where the employer has failed to deduct tax or when short deduction of tax has been done, following statutory provisions are attracted. Charging of interest u/s… Read more »

Overview of Capital Gains

Overview of Capital Gains

Profits or gains arising from the transfer of a capital asset during the previous year are taxable as “Capital Gains” under section 45(1) of the Income Tax Act. The taxability… Read more »

Income from House Property

Income from House Property

Under the Income Tax Act what is taxed under the head ‘Income from House Property’ is the inherent capacity of the property to earn income called the Annual Value of the… Read more »

Income Tax on Capital Gains

Income Tax on Capital Gains

The Income Tax Act specifies that gains/profits that result from the transfer of capital assets are liable to be taxed as income. To understand the concept of tax on capital… Read more »

Income Tax Allowances for Salaried Employees

Income Tax Allowances for Salaried Employees

Allowance is defined as a fixed quantity of money or other substance given regularly in addition to salary for meeting specific requirements of the employees. As a general rule, all… Read more »

Important Concepts and Procedures under the Income Tax Act

Important Concepts and Procedures under the Income Tax Act

Assessee (Section 2(7)): An assessee is a person by whom any tax or any other sum of money is payable under the Income Tax Act. Assessment Year (Section 2(9)): Assessment… Read more »

Income Tax Calculation for FY 2009-10

Income Tax Calculation for FY 2009-10

Income Tax Calculation To calculate the tax to paid for a Financial year, the steps included are : 1)    Add all the incomes from different sources to find the Total… Read more »

Income Tax filing – Quick overview of deductions

Income Tax filing – Quick overview of deductions

Under Income tax Act, the total income of any individual Indian resident is subject to tax. To calculate the taxable income,the steps are as follows : 1) Determine the Total… Read more »

India income tax slabs – explained

India income tax slabs – explained

As the financial year 2009-10 is approaching its end, we are loaded with the pressure of investments and reduce the Income tax liability. Income tax in India comprises of all… Read more »