Lipsa Bhut

TDS on Transportation Charges

TDS on Transportation Charges | Points Regarding TDS Under Section 194C

TDS on Transportation Charges: Confusion regarding the application of Section 194C has been observed amongst people. Section 194C focuses on TDS on the contract during payment to the transporter. This might result from various amendments through the years related to the specific points 194C(6) and 194C(7). The summarization of the details of Section 194C is …

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Section 148 of Income Tax Act | Income Tax Act Section 148, Assessment or Reassessment Notice

Section 148 of Income Tax Act: Section 148 of the Income Tax Act deals with issuing a notice when if any income has escaped assessment or taxation. This section also mentions that an Assessing Officer will reach out to the assessee who is being questioned by issuing him or her a notice wherein he or …

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Track PAN Card Application Status

Track PAN Card Application Status | How To Track Your PAN Card Application Status Online?

Track PAN Card Application Status: Tracking of PAN Card application status has become way easier. Various modes are provided to help one track their PAN Card application status online. But before gaining more information on how to track the status of a PAN Card, one should be aware of how to apply for a PAN …

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PAN Card Verification

PAN Card Verification | How To Verify? Types of Online PAN Verification

PAN Card Verification: To retrieve information related to PAN, ‘Know your PAN’ is a service initiated by the Income Tax Department. When one loses their PAN card or needs their PAN number immediately, but the information is unavailable, or when one wants to cross-check their address registered against their PAN, this service is beneficial. In …

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Transport Allowance Exemption

Transport Allowance Exemption | Meaning, Is Transport Allowance Taxable?

Transport Allowance Exemption: Employer offers transport allowance to its workers for commuting from home to workplace & vice-versa. If the amount crosses the exemption limit, then it is taxable. Many allowances are offered to their representatives by the Employers. One such allowance is provided for transportation. The allowance provided to the employees for commuting from …

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Speculative Income

Speculative Income | Meaning, Eligibile Transactions and Considerable Exceptions

Speculative Income: Under the Income Tax Act, one can categorize income earned under five significant heads. Hence, the proper classification of income is essential owing to the various methods of calculation. Among these types of income, one can be termed Speculative Income. What is Speculative Income? Understanding Speculative Transaction Considerable Exceptions Speculative Business Loss Loss …

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Section 64 Clubbing Income

Section 64 Clubbing Income | Specified Persons and Scenarios for Clubbing Income

Section 64 Clubbing Income: There are many occasions when an individual may need to club the income of someone else with the individual’s income. If one is planning to transfer any of the assets/income owned by an individual to another person as a means of tax planning for avoiding the income getting taxed in the …

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Agricultural Income Tax Calculation

Agricultural Income Tax Calculation | Types, Calculation and Factors of Agricultural Income Tax

Agricultural Income Tax Calculation: Agricultural income is the revenue earned from sources concerned with agricultural activities. These sources of income are inclusive of activities such as farming, activities related to building or use of agricultural or commercial yield from a horticultural land. What is meant my Agricultural Income in India? The types of Agricultural Income …

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Gross TotalIncome

Gross Total Income (GTI) | What is GTI? and Difference Between GTI and TI

Gross Total Income (GTI): Tax in itself is a tedious phenomenon, and the complexity increases when various terms are also included in the list. We all know that tax is charged levied on an individual’s income. However, the pay can further be classified and referred to by numerous names in India, such as Exempt Income …

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Fill Aadhaar Card Enrolment Form | Content, Steps To Fill and How To Track?

Fill Aadhaar Card Enrolment Form: The Aadhaar Card is an essential document one must possess in recent times. It is a proof of identity and proof of address, and most importantly, it is proof to identify an individual as an Indian citizen. This article guides you on how to proceed if you want to fill …

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