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...
Cash Deposits made during Demonetization period cannot be taxed as Unexplained Income u/s 69A if sufficient explanation of Source is produced: ITAT
Demonetization period in the Indian economy is considered as one of the most significant event since government had undertaken an important step in curbing out the black money from the Indian market. The demonetization decision came with certain...
Income of a minor child
https://www.youtube.com/watch?v=Bs1Sng9nRko
Agricultural Income
Introduction:The agricultural sector plays a crucial role in the economic perspective of any nation, both in developed and developing economies. As per Section 10(1) of the Income Tax Act, agricultural income is exempt from income tax and is not...
Reporting of FNO trading- All you need to know
Introduction:Futures and options are derivative financial instruments that derive their value from an underlying asset such as stocks, indices, currencies, or commodities. These instruments are popular among investors and traders for hedging,...