Income Tax Rules

Cash gifts are a part of Indian weddings, but one should be aware of their taxability so that one is not in trouble with the income tax department at some later point.

Complete guide to income tax rules on rent paid and received: Deductions, exemptions, and savings tips

Rent plays a major role in the finances of millions in India, whether you're a tenant paying rent or a landlord receiving it. The Income Tax Act, 1961, lays down specific rules governing the taxability and exemptions related to rent. Understanding these rules can help you manage your finances more efficiently while staying compliant with tax laws.

Income tax rules you should know for cash withdrawals from PPF, post office schemes

New provisions in section 194N will be applicable from July 1, 2020 for non-ITR filer under section 194N of Income Tax Act 1961 if a recipient has not filed the returns of income for the previous three assessment years.

When the tax bosses got uptight

The FORCE report suggests hiking taxes to raise additional revenue needed by the government at the present juncture when social obligations have multiplied because of the fallout of the coronavirus pandemic.

CBDT begins consultation process with stakeholders on GAAR

Gearing up to roll out the General Anti-Avoidance Rule (GAAR) from April next to check tax evasion through overseas jurisdictions, the CBDT on May 27 initiated a consultation process with general public and all stakeholders on provisions of the new regime

Govt to relax compliance norms for payment to non-residents

The Finance Ministry said amendment in the Income Tax Rules have been made to "strike a balance between reducing the burden of compliance and collection of information" in case of payments made by domestic entities to non-residents.

Key aspects: Provident Fund and Income-tax Law

Many a times a question arises in the minds of the salaried employees relating to the circumstances in which the employee may withdraw the amount from Recognised Provident Fund Account