Standard Deduction means a fixed deduction from the Income of the taxpayer without having the requirement of any bill, proof or supporting documents. Every Individual can claim this deduction irrespective of the expenses occurred or investment made. In India there are two types of Standard Deduction stipulated under the Income Tax Act: Standard Deduction of […]
Download TRACES PDF Generation Utility
Downloading TRACES PDF Generation Utility can be a real pain and has taken a toll on everyone’s time to be able to successfully download the utility from TRACES website. To make this task easy for everyone, here is a download link that will allow downloading the file without any complications & that too, quickly. Download […]
Long-Term Capital Gains Tax on Shares and Equity Mutual Funds
LTCG Tax on Shares & Equity Mutual Funds Budget 2018 has re-introduced Long-Term Capital Gains Tax arising from sale or transfer of equity shares as well as equity mutual funds at the flat rate of 10% without indexation. Tax on Short-Term Capital Gains remains the same at 15%. The proposed amendment will be applicable from […]
Gratuity Eligibility Rules, Calculation and Income Tax Benefits
The Government has recently tweaked the rules of Payment of Gratuity Act by bringing two amendments i.e. enhancing the limit of exemption to 20 lakhs from previous 10 lakhs and the extending the maximum maternity leave for female employees from 12 weeks to 26 weeks for determining the eligibility for qualifying as continuous service. Government […]
Tax on Another’s Income: Clubbing of Income
“You Earn You Pay” or “Pay as you Earn”, these are common lines we all regularly hear but it’s not the case always, many times you also need to pay tax on the other’s income. In case the taxpayer made an attempt to reduce their tax liability by transferring their assets in favour of their […]
Residential Status and Incidence of Tax on Income under Income Tax Act, 1961
The residential status of a person is required to be determined for each assessment year in order to determine the scope of total income. The basis of determination of residential status in respect of each person is laid down under the provisions of section 6 which are analyzed hereinafter. Residential status of an Individual under […]
Minimum Alternate Tax (MAT): Concept, Calculation and Credit u/s 115JB
What is MAT – Minimum Alternate Tax? MAT stands for Minimum Alternate Tax, described as a direct tax that has to be paid by the companies that are enjoying tax benefits or tax exemptions, instead of having huge profits, under various schemes framed under Income Tax Act. Now after the insertion of Minimum Alternate Tax […]