Indian Direct Tax
Understanding Depreciation, Provision for Depreciation and Sale of Assets
Fixed assets such as machinery, furniture, vehicles and buildings are used by a business for…
Alternative Minimum Tax (AMT) and AMT Credit Adjustment – A Conceptual Overview
Alternative Minimum Tax (AMT), introduced for non-corporate taxpayers to address disparities in tax payments and…
Minimum Alternate Tax (MAT): Concept and Practical Application
Minimum Alternate Tax (MAT) is an important provision under the Income Tax Act, 1961, designed…
Tax rates for Indian Domestic Companies—Normal vs Concessional Regime
Under the Income Tax Act, 1961, domestic companies in India have the option to be…
Understand ITR: Choosing the Right Form for Filing Income Tax
Filing the correct Income Tax Return (ITR) form is a crucial responsibility for taxpayers. However,…
A Conceptual Overview of Retirement Benefits under the Head “Income from Salary”
During employment, many employees tend to focus mainly on their monthly take-home salary. However, an…
Allowances and Perquisites under Income from Salary
When you receive your first appointment letter, you will often find several components listed in…
Understanding Accrual and Cash Basis of Accounting under PGBP
Accrual Basis of accounting is a fundamental accounting assumption for the preparation and presentation of…
PGBP vs Book Profit – Including Cash Disallowance –Section 40A (3)
Section 43B of the Income Tax Act provides a list of expenses can be claimed as…
TDS on Salary and Consequences of Non-Compliance
Good morning, students. This is my second class on TDS, because in our previous session…
TDS: An Overview of Understanding Compliance
The bell had just rung, but Mohit and Mrinmoy were still seated, flipping through their…
Stamp Duty Value vs Actual Sale Price: Which One Governs Capital Gains Tax?
Stam duty value is the value adopted by the Stamp Valuation Authority (SVA) to levy…
Rebate, Marginal Relief, Surcharge and Tax Liability in Tax Management
Chandrakant asked: Sir, Tell something about rebate u/s 87A Professor said: Rebate is a tax…
Sections 54, 54EC and 54F: Relief from LTCG Tax
Capital gains do not always lead to tax liability. Long-term capital gains tax liability can…
Tax Treatment of Share Transactions in Income Tax
Share capital is the most popular and convenient source of long term finance for companies….
Capital Gains: Basic Concepts and Tax Treatment
Akash and Mukesh sitting in a college cafeteria after class. Akash looks worried, scrolling through…
Income from House Property: Understanding Different Scenarios
Before we delve into the computations, let us first understand the various types of house…
GAV and NAV Explained: The Foundation of House Property Income
Before computing Income from House Property, it is essential to clearly understand the concepts of…
Residential Status vs Scope of Total Income
While residential status of an individual is based on physical presence, the residential status of…
Magic figure of Residential Status
The magic figures of the number of days used to determine residential status under the…
Understanding Direct Tax Compliance: A High-Level View
Direct tax is something that every earning individual faces in life. Even if you are…
The World of Perquisites: The Hidden Part of Your Salary
If you want to understand how perquisites work in salary, just scroll through this story….
Understand Income Tax Assessment for your Benefit
The income tax assessment procedure is a systematic process undertaken by the Income Tax Department…
Deductions & Taxable Income — Old vs New Tax Regime
Tax planning plays an important role in managing finances effectively. It involves arranging financial affairs in…
Common Perception- Know Income from Other Sources!
For India, “individuals with 60 years of human life and above are “recognised” as elderly…
Set Off and Carry Forward of Losses — Every Tax Payer must Know
Be alert before filing your tax return! My student, Ankit, has always been a serious…
Income from Salary — Understand Real World Pay Roll Structure
Understanding the head ‘Income from Salary’ is important for students because when students after graduating…
One Business with Two Profits—The Puzzle
Imagine you are going to appear for an interview for the post of ‘Tax Associate’…
Depreciation Riddle under Two Different Acts
Let’s begin this discussion with a question asked by one of the students in my…
Undisclosed Income – A Trap for Tax Evasion
Compliance is an essential expectation of every sphere if it’s a contribution to the nation’s…
Avoid Double Taxation without Headache
I was lounging in my living room on a Sunday morning when my next-door neighbor…
VDAs in India and it’s Regulatory Framework
Introduction Digitalisation means the transition from analogue to digital methods of recording and transmitting information…
The Income Tax Act 2025- A Smarter and Simplified Tax System
The new Income Tax Act, 2025 will be applicable from 1st April, 2026, replacing the six-decade-existing…