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Category Archives: Income Tax
The Finance Act 2022 introduced section 194R which deals with the deduction of tax on benefits or emoluments to businesses or professions. Businesses,…
The Global Minimum Tax (GMT) applies a standard minimum tax rate worldwide to a defined corporate income base. The OECD has drawn up…
The draft Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was proposed by the Indian Government and has become a key area…
TDS was designed to collect tax directly from the source of revenue. According to this theory, a person (deductor) who is compelled to…
Tax Planning is the process of evaluating a financial plan or conditions in relation to taxes in order to achieve the greatest possible…
Section 13 of the Income Tax Act, 1961 (Income Tax Act) describes the situations in which the exemptions provided by Sections 11 and 12…
Unemployment is a significant issue in every country. Section 80JJAA was enacted to increase employment and encourage individuals. Section 80JJAA allows you to…
In India, does crypto currency have to be taxed? Do you want to know how the Indian Income Tax Department (ITD) feels about…
The Tax Auditors and the assessee are both concerned about 'Clause 44' in the tax audit report in Form 3CD, which deals with…
Entrepreneurs rejoice! Now save money by hiring! The Income Tax Act 1961 contains a provision under section 80JJAA to offer additional tax credits…
In the Indian economy, cash transactions have always played a major role and serve as a consistent reason for the accumulation of black…
For effective financial management, it is essential to understand the functioning, powers, and limitations of the powers of the tax authorities. This turns…
The history of Income Tax in India is later back to the 1800s, In 1860 the tax was first introduced in India by…
The concept of Tax Deducted at Source was introduced with the purpose of collecting tax from the source of income. According to this…
Tax is a compulsory fee that is imposed on corporations or individuals by the State and the Central Government. This fee is imposed…
Currently, there is a surge in equity transactions, investments, and so on. Indian investors have moved beyond conventional gold, silver, and real estate…
An auditor should utilize Form 3CD when examining the financial records of taxpayers who are the subject of tax audits. According to the…
The Reserve Bank of India (RBI) regulates the purchase and acquisition of immovable property in India by non-residents under the Foreign Exchange Management…
The tax on the income of educational institutions often remains the most controversial topic. The nature of educational institutions such as top educational…
The presumptive scheme option has always been an exciting and confusing story for taxpayers. As the 2016 Budget comes into effect from FY…
Form 26AS is a tax credit statement that summarizes all tax deducted, tax received, advance taxes, and self-assessment taxes paid in a single…
If an individual is classified as 'non-resident' then the tax inference is similar to that of 'RNOR' status. In the case of NRIs,…
Capital gain tax includes short-term capital gains and long-term capital gains. Larger assets can be properties or securities. There is a tax exemption…
No filing or late filing of TDS/TCS returns can get you into trouble. As tax laws suggest, taxpayers fall under two penalties in…
In the Union Budget of 2019, the government announced an offer to buy an electric car. In a budget speech, the finance minister…
The Income-Tax Act, of 1961 does not provide for the exemption of a senior citizen or a very senior citizen from completing…
The Joint Development Agreement (‘JDA’) is the most common and most popular method of arrangement to construct buildings in our country. It is…
Every Indian citizen is required to pay tax if their income falls within the Income Tax bracket. The government relies heavily on taxation…
Before we go into what a tax audit is, let's define the term "audit." The definition of audit in the dictionary implies that…
A crypto currency, sometimes known as crypto, is a virtual currency that is protected by encryption. It is intended to function as a…
If you work as a freelancer, professional, or consultant, you are only required to pay income tax on half of your gross annual…
The notion of marginal relief is intended to give a taxpayer with relief from surcharge levy if total income surpasses slightly more than…
The residence status of a taxpayer is significant because the income tax department treats its taxpayers differently. As a result, it is critical…
Although Partnership Firms do not have a separate legal entity, for Income Tax, they are treated as separate from their partners. These firms…
Are you perplexed and unable to decide whether to file an ITR? Have you heard elsewhere that if your income is less than…
Cash transactions have always played a significant role in the Indian economy and are a consistent source of black money accumulation. The government…
For most people, owning a home is a dream comes true. The Indian government has traditionally favoured encouraging residents to invest in real…
Are you aware that non-resident Indians, or NRIs, must pay income tax in India? Not only do residential Indians pay taxes, but so do…
Section 153 A of the Income Tax Act, 1961 specifies the system for assessing income in the case of a searched person. In terms…
The definition of Religious Trusts is not present under the Income Tax Act, 1961. The creation of a Religious Trust is mandated by the…
In India, gold is one of the most popular and respected assets. It has shown to be the strongest investment option for generating…
There are different types of audits performed under different rules such as company audits/statutory audits conducted under the terms of company law, cost…
With the beginning of the new financial year FY 2022-2023, numerous rules and regulations have changed in respect of Income Tax. Some of…
Under Section 2 (31), 'Person' is an AOP or Association of Persons or BOI (Body of Individuals) or a Local Authority or an…
Section 80CCC of the Income Tax Act of 1961 provides for deductions amounting to Rs. 1.5 lakhs per year for personal contributions to…
As per section 50C, the calculation of capital gain of the sale of land or building or both is held as a capital…
Minimum Alternate Tax (MAT) was created to decrease the gap between the tax accountability under income calculation and book profits. Further, the objective…
According to the Income Tax Act, 1961Â of India, Income Tax is levied on all individuals, HUFs, partnership businesses, LLPs, and companies. Individuals are…
The taxation system is the backbone of a country's economy, ensuring that revenue is stable, management of economic development and that industrial activity…
The Representation of the People Act, 1951 governs political groups in India (RPA). A certain organization of Citizens as well as group of…
Do you own a computer? Do you use it for your personal use or for business purposes? Yes, if you own a computer,…
Money isn't everything; however, it is a critical component in the life of an individual. Money helps us reach our life's ambitions and…
Did you realize that the estates of the deceased might be taxed? It may sound strange that a deceased person's income tax returns…
The timely and regular payment of taxes and submission of returns guarantees that the government has funds available for public welfare at all…
TDS was created with the goal of collecting tax directly from the source of revenue. According to this notion, a person (deductor) who…
Are you in a confusing state and not able to make up your mind, whether to file ITR, Or did you hear elsewhere…
Some employees on the payroll of group firms (including management and non-management cadre) work for the Parent company. We can recover the cost…
The Internal Revenue Service has given taxpayers with a number of Claim Deduction for Rent Paid Under Section 80GG of Income Tax Act…
All About the Annual Information Statement (AIS) - Income Tax Department initiates a new function and makes an update in Form 26AS, this…
The two sides of a coin are profit and loss. Losses, of course, are difficult to accept. However, the Income-tax law in India…
We agree that Return Filling Process for tax audits can sometimes be tough, particularly the cases since you are youth and have just…
With effect from Assessment Year 2019-20, a new deduction under Section 80PA of Income Tax Act 1961 has been permitted to encourage producer enterprises…
The Government of India has established Income Tax laws governing the taxable income of all individuals who are individuals, HUFs, Companies, Firms, LLP,…
Introduction Plenty of us have considered donating to charity and helping the community at a certain stage in life. It is admirable to…
Table of Contents Introduction Goals of Income Tax Search and Seizure Income Tax Raids Authority to conduct search and Seizure Power Rights…
Indian taxes are classified into two types: direct taxes and indirect taxes. When it comes to direct taxes, they are imposed on the…
Dividend income, payment, and reporting have undergone significant changes in the previous and current fiscal years, with recipients facing increased taxation and reporting…
Is Income Tax Return Filing Difficult in India? Before we actually proceed towards the question mentioned above, Firstly we should know about what…
Form 26AS is a consolidated tax credit statement containing all the details of different taxes that are deducted on income at source (TDS).…
The word significance of the expression "audit" is check, review, examination, and so on. There are different sorts of audit mentioned under various…
Agriculture is supposed to be India's principal employment. It is sometimes the only source of income for India's massive rural population. The country…
The point of getting insurance is that it is a high level of certainty. Insurance is a binding agreement between the insurer and…
This article helps to understand all about 80g and 12ab. The terms and conditions, benefits, the procedure of registering, and amendments under 80g…
Cash transactions have always played a major role and serve as a constant source of black revenue collection. The government has recently introduced…
A Non-Resident External (NRE) account is a bank account for NRIs which are INR-dominated to transfer their foreign currency to India. Foreign exchange…
A seafarer – is any traveler via seas, classifying their work based on the rank or type of job as merchant navy, navy…
TDS under Section 194Q of the Income Tax Act,1961 was introduced in Union Budget 2021 which is effective from 1st July 2021. Businesses…
Indian marriages see a huge influx of gifts. The newlyweds are given gifts from their immediate families and friends. A common question arising…
The full form of TDS is Tax Deducted at Source. It is the amount that is deducted as a tax from the money…
The due date for filing Income Tax Return is approaching. There are lots of things that cross your mind when you sit with…
Table of Contents Why is linking of Aadhaar and PAN important? Consequences of not linking Aadhaar and PAN How to link Aadhaar and…
Table of Contents Tax Benefits on Home Loan (FY 2021-22) New Updates (Union Budget 2021-2022) Deduction available on Interest Portion on Home Loan…
Government has been announcing and providing many reliefs to the new as well as existing entrepreneurs in many ways. Be it cheaper and…
COVID-19 has affected the lives of people very badly from almost past 1.5 years now. To contain the spread of novel coronavirus, The…
Few specified payments under the provision of the Income Tax Act are required to deduct tax at source. However, TDS provisions bound every…
An income tax return is a summarized record that contains information about your earnings for a fiscal year. You are required to pay…
As per the Income Tax Act, 1961, any receipts generated through business transactions with NRIs come under the purview Income Tax Act and…
Income Tax Department has facilitated an effective system of collection of taxes under which any person who is responsible for making payment of…
Income tax return is a crucial statement of income of the concerned assessee, both for government and the individual or person filing it…
Companies rely on funds to manage the affairs of their business successfully. Shareholders in a company play a vital role in raising funds,…
You might have heard the word "Audit" so many times, well let us dive into this, what is "Audit", if you go by…
In the current Pandemic situation, taking medical insurance has become extremely important. Due to current COVID-19 situation, medical expenditures to cure diseases is…
We often come across the term ‘tax refund’. Let’s understand what it means. A tax refund or tax rebate is a refund provided…
Income tax department have provided various deductions with a view to encourage savings and investments amongst the taxpayers from the taxable income under…
A business organization held by a small group of people is known as a Private Limited Company. It's owned by a group of…
Have you ever dreamt of isolating your income from probable taxes? We bet you did, maybe countless times. But let face it- this…
The Finance Act, 2020 has established a new Section 194-O that elaborates on levying 1% Tax Deducted at Source on Payments made to E-Commerce operators…
Budget Highlights - Income Tax Financial Highlights 2021 The Union Budget 2021-22 was presented by the Hon’ble Finance Minister Nirmala Sitharaman on 1st…
Today Blogging and freelancer is the fast emerging profession in the world. Any one from any core of the world can join this…
A person engaged in business or profession is required to maintain regular books of account under certain circumstances. To give relief to small…