Section 44AB of Income tax act Introduction Some burning questions of every person carrying out a business or a profession, ...

Surcharge income tax In India, the concept of surcharge for the taxpayers on the basis of categorization was introduced by Finance A...

If the person is carrying on a business or profession and is required to get its accounts audited mandatorily under any law other tha...

Tax-free allowances in India There are 3 types of allowances Fully taxable allowances Partially taxable allowances Fully exempt all...

HRA Exemption rules There are 3 types of allowances in Income tax Taxable allowances Partially taxable allowances Fully exe...

Ever thought the tax implications on your salary when you deny your salary or pay back your salary to your employer?  What is foregoing...

Marginal relief income tax The concept of marginal relief can be explained with the help of an example Particulars ...

ICDS Applicability (Income Computation and Disclosre Standards) As per sec 145 of the income tax act 1961, an assessee having taxab...

Tax audit penalty explained Introduction Who wants to get penalised? Nobody isn't it? So how can you make sure you don'...

Presumptive tax scheme Under section 44AD, every person engaged in business having turnover of upto 2 crores can opt for this scheme a...