Category: Income Tax

What is Effective Tax Rate ? According to Untied  State of America   Income Tax  Rate there  is various tax slab rate on income earned during the relevant  year from 1 January to 31 Decembers  of Read More

What is IRS in United State of America ? The IRS is the Internal Revenue Service in the United State of America. The IRS is  the nation tax collection agency and administers the internal revenue Read More

What is Tax Audit ? According to section 44 AB of Income Tax Act 1961  Tax audit mean  compulsory audit under Income Tax Act who 1.carrying on business if the total turnover exceed Rs.1 Crore Read More

Income Tax Slab for A.Y. 2020-21 Individual whose age is less than 60 years on the last day ( 31st March) of relevant previous year. Net income up to Rs.2,50,000 Nil Income from Rs. 250001 Read More

TAXABILITY OF LEAVE TRAVEL ALLOWANCE (LTA) SECTION 10(5) According to Section 10(5) of the Income-Tax Act, 1961, read with Rule 2B (Commonly known as LTA Rules), provides for the exemption and outlines the conditions subject Read More

Taxability of Conversion of Stock in trade to Investment According to provision of Income Tax Act,1961,In case of a business of trading in shares assessee may transfer some of his stock in trade into his Read More

जाने कब है वित्तीय वर्ष 2020 – 2021 के आयकर रीटर्न की आखरी डेट   आयकर विभाग ने वित्तीय वर्ष 2020 – 2021 की आयकर रीटर्न (ITR) के लिए आखरी डेट जारी कार दी है। Read More

Extension of ITR -2020-21 filing due date Extension of time limits    1.The due date for furnishing of Income Tax Returns for the Assessement Year 2020 – 21 for the taxpayers (including their partners) who Read More

Expenses allowable under specific instructions of CBTD   Diwali and Muhurat expenses: Expenses incurred on the occasion of Diwali and Muhurta are in the nature of business expenses. If the Assessing Officer is satisfied that Read More

    Standard deduction on salary income section 16(ia) According to Income Tax Act, 1961 reintroduced standard deduction from salary income ,assessee income from salary feel that there is unfair that expenditure are not allows Read More