Income Tax

We always do a large amount cash transactions without knowing their implications. In India, cash transactions are carefully regulated by Income Tax Act, 1961, the Prevention of Money Laundering Act (PMLA), 2002, and various banking regulations. The purpose of these regulations is to ensure transparency, minimize the use of unaccounted wealth, and prevent money laundering. […]

Income tax section Section 24, Section 24a and Section 24b deals with house property deductions which an assessee can claim under the head Income from house property. These deductions are reduced from net annual value of house which is arrived while computing the Income from House property for the particular previous year. What is income […]

Sec 22 of Income Tax Act 1961 defines house property income as, any rental income earned by a person from letting out a house property. There may be situations in which earning would be less compare to the expenses for the house, that case is of loss from house property. In this article, I have […]

Section 194A of Income Tax Act deals with TDS On Interest U/s 194A on Interest other than interest on securities. On which income section 194A is applicable? It is applicable on interest other than interest on securities.  It covers interest received from banks, post office, cooperative society. It excludes interest on securities. Securities means shares, […]

Tax harvesting in India is a strategy used by investors to reduce their tax liability by selling securities at a loss to offset capital gains. This is particularly useful for individuals investing in stocks, mutual funds, and other capital assets in taxable accounts. In your portfolio you can have shares which you have purchased for […]