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
https://www.youtube.com/watch?v=lgOsPNY7Ew8
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 where one person...
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...
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 the...
LEI number in ITR
https://www.youtube.com/watch?v=okGKmv8bwNU
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...
CBDT update on ITR Filing
https://www.youtube.com/shorts/G_FWBRj-Ljo
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...