TDS on Salary u/s 192
TDS on salary u/s 192 casts an obligation on employer to deduct TDS on salary payment, if salary of employees exceeds basic exemption limit. What is TDS on salary u/s 192? TDS on salary means tax has to be deducted…
Month March 2023
Long Term Capital Gain Tax
Long term capital gain means sale/transfer of long term capital assets. This long term capital gain is charge as tax under the head ” Capital Gain” of income tax. Moreover, Capital Gain Tax is charge whenever an taxpayer earns a…
Section 43B of income tax act
Section 43B of income tax act provides certain expenses are allowed on actual payment basis. It means expenses are not allowed on due basis but allowed when actual payment is made. What is section 43B?? Section 43B deals with specified…
Income from Business & Profession
Profit/Gain from business and profession carried on by the assesses at any time during the previous year. In other words, Income from Business & Profession means profits and gains earned by doing business or profession during the year. Now we…
Short term capital gain tax
Before learning short term capital gain tax first we have to learn short term capital asset. What is Short Term capital Asset ?? As per section section 2(42A) short term capital asset is a capital asset held by an assesses…
Challan 280 of income tax act 1961
Challan 280 of income tax act 1961 is a form that is to be fill in order to pay tax to Govt authorities. What is the meaning of challan in generic sense? The word challan utilizes in various senses which…
Income from salary new tax regime
What is salary income Calculation of Income from salary under new tax regime ?? Calculation of Income from salary under new tax regime fy 2022-23 , first we have to learn the meaning of salary . What is salary ??…
Income tax slab rate old & new tax regime f.y. 2022-23
Income tax slab rate -old & new tax regime F.Y. 2022-23 , will tells you which regime is best for the filing income tax return. Further, the income tax slab rate in new tax regime f.y. 2022-23 provides lower tax…
What is Rebate u/s 87A – Income tax
Individual can claim rebate u/s 87A of income tax for calculating his/her income tax liability. What is rebate?? Rebate means sum of money that given back to you because you paid too much. For instance you purchased computer of Rs.…
Income tax slab & rates FY 2023-24 (A.Y. 2024-25)
On 1st, February 2023 finance minister Mrs. Nirmala Sitharaman has announced new tax regime for FY 2023-24 and 2022-23. In which she has made changes in tax rates applicable to individuals for computing tax. Here we’ll explain the income tax…