Reporting Goods and Services Tax (GST) details in income tax returns in India is crucial for businesses that are registered under the GST regime. One crucial aspect is reporting GST details in income tax returns. Understanding this process is essential…
Investing in a property has always been a dream of every individual, but it is very often that these individuals are unaware of the tax benefits they might enjoy with investing in a property. Sections 54 and 54F of the…
While filing income tax returns for assessees having income from businesses, it is mandatory to follow certain guidelines as specified in the respective applicable acts. Business expenditures will be disallowed if such conditions are not fulfilled. One of such conditions…
Co-operative society means a society registered under Co-operative Societies Act, 1912 or any other law in force in any State for the registration of co-operative societies. The Finance Act 2023 has introduced a new tax scheme under section 115BAE for…
PAN card and aadhar card linking has become mandatory for various class of deductors and deductees like never before. Deductors are usually required to deduct higher TDS where PAN and Aadhar of a particular deductee is not linked. Many times…
Taxpayers are expected to make compliance that they are required to do with the Income Tax. It may either be related to return filing of income tax or replying and adhering to notices or orders of the income tax department.…
A company is a legal entity recognized by law, which means it has a distinct legal personality separate from its owners or members. This separation allows the company to own assets, incur liabilities, enter into contracts, sue, and be sued.…
LEI Reporting in ITR Explained in DetailIncome tax department has recently come up with an important addition in reporting requirements to Income Tax returns from AY 2024-25 in certain cases. This recent development has come after a notification was issued…
Scrutiny under income tax means a detailed examination and verification of a taxpayer’s income tax return. This is done by income tax authorities like assessing officers, CITs or DCITs, other principal officers or even through Computer-Assisted Scrutiny Selection. On 3rd…
Stock market is a place where various stakeholders of the society invest their corpus with a purpose of generating wealth. Companies willing to raise funds make an offer to public and other players of the industry. This process of making…
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