506 articles on Income Tax, authored by the Finin2min editorial team. Page 6 of 13.
India does not have an inheritance tax — receiving a property from a parent or relative through inheritance or a will does not, by itself, attract any income…
If you've ever withdrawn a large sum of cash from your bank and noticed a deduction you didn't expect, you've encountered Section 194N — a provision designed…
Insurance agents, real estate brokers, distributors, and freelancers who earn commission-based income often see TDS deducted from their payouts under Section…
Moving back to India after years abroad raises an immediate question: will your foreign bank balances, overseas investments, and foreign pension suddenly…
If you earn income in one country while being a tax resident of another — a common situation for NRIs, remote workers for foreign companies, and anyone with…
Employees of multinational companies — especially in tech — often receive RSUs (Restricted Stock Units) in the parent company's foreign-listed shares (Google…
Every time your bank pays interest on a fixed deposit above a certain limit, it deducts TDS before crediting the amount to your account. Here is how Section…
Most people assume life insurance payouts are always tax-free. That used to be largely true - but a series of amendments since 2012 mean many policies…
Won a lottery, a game show prize, or a lucky draw gift? Before you celebrate, know that the taxman gets a flat slice first - and it's far steeper than your…
If you are a taxpayer living with a disability, Section 80U offers a flat deduction from your taxable income - regardless of what you actually spend. Here's…
If your total income is below the taxable limit but your bank keeps deducting TDS on FD interest, you're leaving your own money with the government…
Donating to a registered political party can get you a 100% tax deduction with no upper limit - which is exactly why this section has become a magnet for…
Filing your ITR is only half the job. An unverified return is treated as if it was never filed at all - and every year, lakhs of taxpayers miss this final…
A Section 142(1) notice can arrive for two very different reasons - either you haven't filed your return at all, or the department simply wants more…
NPS is one of the most tax-efficient retirement products in India during the accumulation phase - but what happens when you actually withdraw the money? The…
Pension is taxable income - but how much tax you pay depends heavily on whether you take it as a one-time lump sum (commuted) or monthly payments (uncommuted)…
If you took your first home loan within the right window and your property/loan values fall under specific limits, you could claim an extra deduction on…
Three different sections, three different triggers, all charging the same 1% per month interest - but for entirely different reasons. Understanding which one…
Changed jobs mid-year? Each of your employers calculated TDS as if their salary was your only income for the full year - applying the basic exemption and slab…
Got a lump sum from a tenant years after they should have paid rent - or recovered rent you'd written off as a loss? Section 25A has special rules for exactly…
In a tax system where almost every investment is taxed at least once - on contribution, on growth, or on withdrawal - PPF and Sukanya Samriddhi Yojana stand…
Since FY 2023-24, the new tax regime is the default - meaning if you do nothing, you're automatically taxed under it. If you want the old regime instead and…
If you don't have business income, Section 80G isn't your only option for donation-related deductions. Section 80GGA offers a 100% deduction for contributions…
Horse racing is one of the few forms of betting that's fully legal in India - and the tax department has a dedicated section just for it. If you've won money…
Renting out a room (or the whole flat) you yourself are renting from a landlord can be a useful side income - but the tax treatment is fundamentally different…
Most people know Section 54/54F lets you save capital gains tax by buying another house. Fewer know there's a section that lets you save the same tax by…
Under the new tax regime, total income up to ₹12 lakh is effectively tax-free thanks to the Section 87A rebate. But what happens if your income is ₹12,10,000 -…
If you bought a house in 2010 for ₹40 lakh and sold it in 2026 for ₹1.2 crore, your gain isn't really ₹80 lakh in 'real' terms - a chunk of that is just…
Bought a second home for investment or for your parents to live in, and it's sitting vacant? The Income Tax Act doesn't care that it's empty - if you own more…
The Senior Citizens Savings Scheme (SCSS) is a government-backed deposit scheme designed to give retirees a safe, high-interest, quarterly income stream. It's…
Unlike individuals, a partnership firm (or LLP) doesn't get the benefit of tax slabs or basic exemption limits - profits are taxed at a flat 30% from the very…
Lending or borrowing money from a friend or relative in cash? Repaying a loan in cash because the lender prefers it? These everyday situations can attract a…
You filed your ITR correctly, but the intimation under Section 143(1) shows a tax demand because TDS credit wasn't matched, or a deduction you claimed was…
If your business buys goods worth crores from suppliers, you might assume TDS is something only your customers worry about when they pay you. But Section 194Q…
If you run a business with turnover above ₹10 crore and one of your customers pays you more than ₹50 lakh in a financial year, Section 206C(1H) requires YOU as…
Co-operative societies - whether a housing society, a credit society, or an agricultural marketing society - occupy a unique space in the Income Tax Act…
Sovereign Gold Bonds (SGBs) are often pitched as a tax-efficient way to invest in gold - and that's true, but only under specific conditions. The 2.5% annual…
Walk into any bank in January and you'll be offered a '5-year tax saver FD' to help you use up your Section 80C limit. It's simple, safe, and bank-guaranteed -…
Many employers offer food coupons or meal cards (Sodexo, Pluxee, and similar brands) as part of the salary structure, marketed as a 'tax-free' benefit. The…
Every January or February, HR sends out a reminder to submit 'investment proofs' - and the form behind this exercise is Form 12BB. Get it right, and your…