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Section 234A – Interest For Defaults In Furnishing Return Of Income

The Income Tax Department expects taxable persons (assessees) to file their Income-tax Returns on or before the notified due dates. In case the assessees fail to file their Income Tax Returns within the prescribed due dates, they will be liable to pay interest for the delay. This interest is charged under Section 234A of the … Read moreSection 234A – Interest For Defaults In Furnishing Return Of Income

Section 234B – Interest For Defaults In Payment Of Advance Tax

Payment of Advance Tax is mandatory when the tax liability is more than INR 10,000. To ensure that taxpayers pay Advance Tax on time, the Income Tax Department has introduced section 234B to levy interest in case there is a default in the payment of Advance Tax. In this article, we will discuss the provisions … Read moreSection 234B – Interest For Defaults In Payment Of Advance Tax

Section 234C – Interest For Default In Payment Of Instalment(s) Of Advance Tax

As per the Income Tax Act, every assessee who has Income Tax payable (more than INR 10,000) should pay tax in advance. This Advance Tax has to be paid in instalments. Taxpayers (other than those who have opted for presumptive taxation scheme of section 44AD or section 44ADA) have to pay Advance Tax instalments by … Read moreSection 234C – Interest For Default In Payment Of Instalment(s) Of Advance Tax

Section 87A

The Income Tax Act of 1961 is amended from time to time to benefit taxpayers. Section 87A was introduced to help taxpayers reduce their income tax liability. With the introduction of this section, certain taxpayers earning income below a specified limit can leverage the provisions of this section and pay lesser/zero income tax. In this … Read moreSection 87A

Income Tax Rates – AY 2021-22 (FY 2020-21)

In India, Income Tax (IT) is levied on the income of a taxable person based on pre-decided tax rates. Under the Income Tax Act, the word “Person’ can mean: Individual Hindu Undivided Family (HUF) Company Firm Association of Persons (AOP)/Body of Individuals (BOI) Local authority Every artificial juridical person not mentioned above. The rate of … Read moreIncome Tax Rates – AY 2021-22 (FY 2020-21)

Income Tax Rates – AY 2020-21 (FY 2019-20)

Income Tax is a direct tax charged on the income of an assessee. Different classes of taxpayers are taxed differently under the Indian Income Tax laws. In the case of individuals, the taxable income of the assessee is grouped into income blocks, commonly known as slabs. The tax rates are decided based on the income … Read moreIncome Tax Rates – AY 2020-21 (FY 2019-20)

Income Tax Payable On Winnings From Game Shows, Puzzles and Lottery

Games shows, Puzzles and Lotteries have been in trend for quite long. This can be a source of income for few. It is imperative to know the taxation rules before accepting these prizes/gifts. In this article, we will discuss the Income Tax rules applicable on any income earned through winnings from lottery, crossword puzzles, card … Read moreIncome Tax Payable On Winnings From Game Shows, Puzzles and Lottery

Income Tax On Gifts In India

The practice of presenting and receiving gifts is age-old. With the changing times, certain people have misused the concept of gifts to evade taxes. The law prohibits tax evasion. To track and tax unauthorised payments made in the form of gifts (cash and kind), the Income Tax (IT) Act has inserted few provisions under section … Read moreIncome Tax On Gifts In India