In India, every person who dreams to buy a home has the helping ladder of housing loan finances. Home loans not only give financial assistance to buyers but it also provides several tax benefits to taxpayers. Buying a house will also be one of the...

A partnership firm is a separate legal entity in the eyes of income tax act. It is to be assessed as a separate person apart from its partners. A partnership firm must file its Income Tax return reflecting all its business details like turnover,...

Simple meaning of rectification is correction of mistakes. In income tax, rectification refers to correction of mistakes or errors or omissions while filing return of income for any particular financial year. After filing return of income, the same...

Under mercantile system of accounting which is also called as accrual system of accounting, incomes and expenses are recorded in the books of accounts as and when they are earned or incurred. This is regardless of the fact that whether they are...

It is quite often that people from one nation travels abroad to work and earn good amount of income. However, travelling to foreign countries and earning there gets them into certain tax compliances. Indian provisions of income tax also include...

There are certain transactions where profits and losses occur during the process. Profits however are taxable in the eyes of Income tax but losses provide certain benefits to the assessees. These benefits are available to individuals as well as...

Majority population of our country is the hardworking class of people who are under employment of some or the other organisation. They render their services to their employers in return for a consideration in the form of salary. There exists a...