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Under the Income-tax Act, different types of interests are levied for various kinds of delays/defaults. In this part, you can gain knowledge about the provisions of section 234A, 234B and 234C dealing with interest for (i) delay in filing the return of income; (ii) interest for non-payment or short payment of advance tax; and (iii) interest for non-payment or short payment of individual instalment or instalments of advance tax.
At times it may so happen that the taxpayer is granted excess refund. Section 234D provides for levy of interest on excess refund granted to the taxpayer. In this part you can gain knowledge about various provisions relating to interest on excess refund granged to the taxpaeyr.
Initially the concept of Minimum Alternate Tax (MAT) was introduced on companies and progressively it was made applicable to all other taxpayers in the form of Alternate Minimum Tax (AMT). In this part you can gain knowledge about various provisions relating to MAT and AMT.
Section 10 gives list of incomes which are exempt from tax. In this part you can gain knowledge about various incomes which are exempt from tax under section 10.
Rental income from a property being building or land appurtenant thereto of which the taxpayer is owner is charged to tax under the head “Income from house property”. In this part you can gain knowledge about various provisions relating to income charged+E5 to tax under the head "Income from house property".
Any sum found credited in the books of the taxpayer, for which he offers no explanation about the nature and source thereof or the tax authorities are not satisfied by the explanation offered by the taxpayer, is generally termed as cash credit.
Any capital asset held by the taxpayer for a period of more than 36 months immediately preceding the date of its transfer will be treated as long-term capital asset. Gain arising on transfer of long term capital asset is called long-term capital gain. In this part you can gain knowledge about various provisions relating to tax on long-term capigal gains.
Section 54 provides exemption from capital gains arising on transfer of residential house. In this part you can gain knowledge about various provisions of section 54 relating to emption from capital gains arising on transfer of residential house if the taxpayer purchases/constructs another residential house.
Section 54B provides exemption from capital gains arising on transfer of agricultural land. In this part you can gain knowledge about various provisions of section 54B relating to emption from capital gains arising on transfer of agricultural land if the taxpayer purchases another agricultural land.
A very common and frequent question running in the mind of taxpayers is the taxability of gifts. In this part, you can gain knowledge about various provisions relating to taxability of gift received by an individual or a Hindu Undivided Family (HUF) i.e. sum of money or property received by an individual or a HUF without consideration or a case in which the property is acquired for inadequate consideration.
The Central Board of Direct Taxes (CBDT) had extended the due dates of various tax compliances. Kindly refer the following circulars:
* Circular No. 17/2021, dated 09-09-2021
* Circular No. 16/2021, dated 29-08-2021
* Circular No. 15/2021, dated 03-08-2021
* Circular No. 12/2021, dated 25-06-2021
Advisory: Information relates to the law prevailing in the year
of publication/ as indicated . Viewers are advised to ascertain the correct position/prevailing law before relying upon any document.