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…
It’s important for cooperative societies to closely monitor the performance and stability of the cooperative banks where they have invested their funds to ensure the safety and security of their investments and interest income. Section 80P specifically emphasises on allowing…
Form 3CEB and recent amendments as per notificationWhat is Form 3CEB?Form 3CEB is a document required under Indian tax laws. It is a report that needs to be furnished by certain specified persons such as auditors, accountants, or any other…
Earning higher income is the dream of almost every single Individual. Money is what drives an individual to perform at his optimum potential. However, in India, if you belong to higher income category then you may have to pay additional…
Charitable trusts and institutions in India can qualify for tax-exempt status under Section 11 of the Income Tax Act if they meet certain conditions. To qualify, the trust or institution must be created for charitable purposes and must apply its…
Introduction:India is one of the fastest growing economy in the world as of now. With an increase in manufacturing and service providing businesses in India, MSME businesses (Micro, Small and Medium Enterprises) plays a very vital role in shaping the…
IntroductionIn general sense, we always refer any person who is of an Indian origin but resides in a foreign country as NRI. However, this above statement is half truth. Income Tax Act, 1961 has given various mandatory conditions to be…
The assessee company with the name of Artemis Medicares Services Ltd. is a healthcare company is engaged in the business of establishing, maintaining and running of Hospital and Multi-Speciality healthcare facilities.. Generally, all the healthcare companies follow usual approach of…
Why was section 194-O inserted?Worldwide various small businesses and entrepreneurs conduct their businesses with a view of continuous expansion. In earlier era, these businesses have to reach their target customers physically in order to sell their products or services. However,…
Introduction:The 80GGC deduction under the Indian Income Tax Act allows for tax deduction on contributions made by Indian taxpayers to political parties or electoral trusts. In India, people usually support a political as per their political beliefs, however, this support…
