Personal Finance Articles

The procedure under Section 148A of the Income Tax Act is used when the tax department believes some income was not reported correctly. This rule started on 1 April 2021. It makes sure the taxpayer gets a chance to explain their side before the tax o

Section 89A of the Income Tax Act was introduced to address a common tax challenge faced by Indian residents with foreign retirement savings. Many individuals work overseas for years, contribute to retirement funds abroad, and later return to India.

The Income From Other Sources under Section 56 of the Income Tax Act covers income that does not fall under salary, house property, capital gains, or business income. This section acts as a residual category. It ensures that no taxable income escapes

Understanding deductions under Section 57 of the Income Tax Act is important when you earn income that does not fall under salary or business income. This section applies to income taxed under the head Income from Other Sources. It allows specific ex

Reassessment under Section 147 of the Income Tax Act plays an important role in the Indian tax system. It allows the Income Tax Department to review cases where income has not been assessed correctly. This provision ensures that tax is charged on the

A Notice Under Section 142(1) of the Income Tax Act is issued by the Income Tax Department during the assessment process. It is usually sent after an individual files their income tax return. This notice means the Assessing Officer needs additional d

Understanding the tax on ULIP is important before investing in a Unit Linked Insurance Plan. A ULIP combines life insurance with market-linked investment. Part of the premium offers insurance cover, while the rest is invested in equity or debt market

India is slowly moving towards cleaner ways of travel, and electric vehicles are an important part of this change. One key reason behind this shift is the lower GST on EVs compared to petrol and diesel vehicles. Knowing how GST applies to electric ve

GST on ice cream is an important topic for manufacturers, sellers, and food businesses across India. Ice cream is treated as a taxable product under GST because it is made using ingredients such as milk, sugar, and flavours. The tax rules apply at di

Section 70 of the CGST Act gives GST officers the legal power to issue summons during an enquiry. This provision plays a key role in investigations under GST law. It allows officers to call individuals for statements or documents that are relevant to

GST on rice is a topic that often causes confusion among buyers, sellers, and small traders. Rice is a daily essential in India, so understanding how Goods and Services Tax applies to it is important. The GST rules on rice are simple once you know th

GST on TV is an important topic for buyers and sellers of televisions in India. With changes announced by the GST Council, the tax structure on televisions has become simpler and more uniform. This has directly affected pricing, billing, and overall