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April 2024
Explanation of Press Release on Implementation of E-Verification Scheme-2021
In India, many people are not aware about their eligibility and liability to file the Income Tax Return and hence they end up either not filing the ITR or under reporting the income that is subject to be reported on…
Deductions From Income From House Property
Introduction: Almost every individual dreams of having a house of his own. Many a times, an individual invests his entire life savings in buying a property on his name. This is sometimes done through utilising one’s long saved own funds or…
TCS (Tax Collected at source)
TCS (Tax Collected at source) What is TCS:Income tax provisions in India are dedicated at providing ample revenue to government, which the government shall use to provide better standard of living to citizens of this nation. In order to help…
Mutual Fund Taxation
No TDS is applicable u/s 194H in B2B Transactions if assessee is not responsible for paying Income Tax or Filing Income Tax Returns: Supreme Court
Deduction of tax at source from income has been one of the most crucial part of compliance for every set of persons as prescribed by law. Provisions of Deduction of Tax at source are attracted upon fulfilment of certain conditions…
Rebate under section 87A of Income Tax Act, 1961
Introduction: In India, tax planning has been one of the most worrisome factor for common individuals and corporates who are not well aware of the benefits available to them. However, government of India has given certain special benefits to Individuals for…
Defective Income Tax Return and its reasons
Defective Income Tax Return:Filing of Income Tax Return every year is the compliance every person must undertake if he falls within the specified category of Income Tax. In India, every person who is liable to file Income Tax Return faces…
LEI number in ITR
Cash Withdrawals or Cash deposits and its implications as per Income Tax
Introduction:Cash transactions have always been the major component of Indian economy before the introduction of banking systems. With the regulatory mechanisms of the banks, cash transactions became an escape path for people trying to hide their actual income and evade…