Income Tax

For information regarding Income tax ,please refer here

Identity Theft and Fraud

Reading Time: 2 minutesThe Growing Menace of Tax-Related Identity Theft In the digital Era, identity theft and fraud is the silent threat to U.S. taxpayers, especially during the tax season. As of April 2025, cybercriminals steal Social Security numbers, names, or addresses to file fraudulent returns and claim refunds before legitimate filers. This costs the economy billions annually,
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Tax liability for content creators

Reading Time: 4 minutescontent creation has transformed into a lucrative profession in India with the rise of digital content platforms, YouTubers , bloggers , Instagram influencers, podcasters all the content creators are monetizing their skills to generate income. but, with this income, comes the responsibility of understanding and complying with tax obligations. the tax liability for content creators
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How to get a tax refund in the US 2025

Reading Time: 2 minutesHow to get a tax refund in the US 2025, In the U.S., a “tax refund” is a reimbursement of tax from the government when a taxpayer overpays their federal income tax during the year. As of April 3, 2025, with the tax filing deadline of “April 15” is approaching and millions of Americans are
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The U.S. taxation system

Reading Time: 3 minutesThe U.S. taxation system is a complex tax framework that funds federal, state, and local governments in the United States. U.S. taxation is primarily administered by the Internal Revenue Service (IRS), taxation in US based on a progressive tax model, meaning higher earners pay a larger percentage of their income. Here’s a brief overview of
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Government Clarifies Income Tax Officials' Access to Personal Data

Reading Time: 2 minutesIncome Tax officials’ access to personal data , Government clarified in the Rajya Sabha  that Income Tax (IT) officials are not permitted to access personal emails, social media, or bank accounts of all assesses. However, under Section 132 of the Income Tax Act, 1961, authorized officers can inspect books of accounts or electronic records during
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The Equalisation Levy

Reading Time: 14 minutesExemptions from Capital Gains tax, The Income-tax Act allows exemption from capital gains tax if the amount of capital gains or sale consideration, as the case may be, is further invested in specified new assets. These exemptions are provided as per the following sections: Exemption under Section 54  The exemption under section 54 is allowed
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Pension Income

Reading Time: 4 minutesPension Income is the fixed sum of money that a retired person receives at regular intervals after the retirement. Since it is essentially a source of income, therefor it is subject to tax as salaried income as per the Income Tax Act, 1961.altough, the taxability of pension may vary as per the type of pension
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The Equalisation Levy

Reading Time: < 1 minuteIncome tax challan correction ,New Functionality for “Challan Correction” launched by income tax department Using this Functionality you can Change Assesment Year, Major Head and Minor Head for Advance Tax, Self-Assessment Tax and Demand Payment as Regular Assessment Tax for Challan pertaining to A.Y. 2020-21 onwards within 7 days of tax payment. Challan Correction request
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Rule 11UACA of Income Tax Act

Reading Time: 2 minutesRule 11UACA, New Rule 11UACA is notified by Income Tax India for Computation of income chargeable to tax under Section 56(2)(xiii) for amount Received under life Insurance policy “11UACA Computation of income chargeable to tax under clause (xiii) of sub-section (2) of section 56.- For the purpose of clause (xiii) of sub-section (2) of section
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