Deduction u/s 80P(2) for interest income is allowed from Fixed Deposits with Co-operative Banks: ITAT
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...
Form 3CEB and recent amendments as per notification
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 person...
What is surcharge and who is liable to pay the same
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 tax in the...
Clarification from CBDT with respect to Charitable Donations and Application of Income
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...
Section 43B(h) and what you need to know to avoid disallowance of expenses
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...
Non-resident of India as per Income Tax Act,1961
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 fulfilled in...
TDS ON SALARIES PAID TO DOCTORS OF ALL CATEGORIES ARE TO BE DEDUCTED U/S 194J AND NOT U/S 192: ITAT
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...
Guidelines for E-commerce operator regarding TDS Deduction as per Section 194-O(4) of The Income Tax Act, 1961
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...
Section 80GGC of Income Tax
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...
How To File e-Form 26QB on sale of property?
Introduction:Buying a property of their own is a dream of almost every independent individual. But, this comes with various legal compliances on part of every buyer. This often creates confusion in the minds of people regarding how to fulfil these...
High Value Transactions
Introduction:High-value transactions in income tax typically refer to financial transactions or activities that involve significant amounts of money. These transactions are usually subject to closer scrutiny by tax authorities due to their...
Taxation of HUF
Hindu Undivided Family (HUF) is defined as a separate tax entity that consists of individuals lineally descended from a common ancestor and includes their wives and unmarried daughters. HUF is recognized as a distinct assessable entity under the...