Nine O Six

Form 16B is a certificate of deduction of tax at source under section 203 of the Income-tax Act, 1961. Unlike Form 16A, which is issued for tax deducted on income other than salaries, Form 16B is s...

The tax benefits under the Sukanya Samriddhi Yojana (Scheme) are given to the taxpayers on a nomination basis. That means if you have 2 girl children, then both the mother and father can open separ...

Here are the steps to check for Income Tax notices on the Income Tax portal:  Step 1:  Open your Dashboard on the e-filing portal of the Income Tax Department.​Step 2: Log in or sign up using your ...

Section 50C of the Income Tax Act deals with the computation of capital gains on the sale of certain immovable properties. It states that if the sale consideration declared by the seller is less th...

​In order to file income tax returns in India as a Non-Resident Indian (NRI) you have to follow these easy steps: ​1. Determine your residential status (Resident/Not ordinary resident/Non-resident)...

​In order to determine whether an income earned from a property would be taxable under 'Income from House Property', you need to ask yourself these 3 questions: ​1. Is the income arising from a bui...

​The presumptive taxation scheme of section 44AD is available to resident individuals, Hindu Undivided Families (HUFs), and partnership firms (not limited liability partnership firms) with a turnov...

In the context of employment, "perquisites" refer to the non-monetary benefits or privileges provided to employees by their employer in addition to their salary or wages. These perks are often in t...

In the context of income tax, individuals aged 60 years and above but below 80 years are referred to as senior citizens, whereas those aged 80 years and above are referred to as very senior citizens.

On a person's yearly income, income tax is assessed. For individuals, the time period during which their income is considered for income tax purposes is known as the "Previous Year" (PY)Previous Ye...