Tax Benefits of Senior Citizen Saving Scheme
The Senior Citizen Savings Scheme (SCSS) is a government-backed savings scheme in India designed specifically for senior citizens. It provides monthly and periodically assured and regular income to senior citizens. Age considered for eligibility...
Section 80QQB – Royalty Payments
A royalty refers to a payment made by one party (the licensee or user) to another (the licensor or owner) for the use of certain rights, typically related to intellectual property. These rights could include patents, copyrights, trademarks,...
Income Tax order u/s 148 is unsustainable without sanctions u/s 151 : Bombay HC
Income tax act has recently introduced Section 148A in the Budget 2021. This section empowers the Assessing Officer to issue a notice if they decide to initiate reassessment. The need to introduce this section arises because it is possible that a...
A brief introduction to ITR Forms and applicability on which form to choose
Income Tax Return is a form, or a declaration given by the taxpayer assessee regarding the overall annual income and taxes paid by them during the relevant financial year. ITR forms utilities are released by the income tax department before the due...
How is family pension reported under Income Tax
Any person who makes an earning in India, is liable to pay tax on such income. Pension is a regular periodic payment made to an individual typically following retirement from service or his dependent family members post his demise, as a way to...
How to report foreign exchange transactions, foreign incomes or foreign assets under ITR
Every individual dream of having a highly paid job or a successful business profit situation. To expand this journey, many people leave their country to earn a higher income. However, resident individuals in India may have certain incomes from...
VRS Tax Benefits under employment
Voluntary retirement scheme is a mechanism used by employees seeking retirement earlier than their actual retirement due date. Under VRS employees are not forced to leave their job but they choose voluntarily to terminate their employment....
Budget changes dated 23rd July, 2024
Budget in India is the most anticipated event, where every taxpayer is hoping that they get benefited from it. In current year, Budget was declared on 23rd July, 2024 due to General Loksabha Elections. This year’s budget was mainly focused on...
Penalties us 269SS and 269T cannot be Levied on Company for Receipt or Repayment of Cash Loans from Directors out of Business Exigency : ITAT
Businesses often face the need of urgent liquidity to tackle certain unforeseen events. Business exigencies are like sudden changes in market conditions, unexpected equipment failures, supply chain disruptions, or urgent regulatory compliance...
Taxability of EPF Withdrawals
EPF i.e. Employee’s Provident Fund is a retirement fund saving scheme for salaried employees. 12% of the employee's basic salary is contributed to the EPF account on a monthly basis by the employer. Even employee has an option to make...
What is Form 10BA for 80GG Deductions
Section 80GG of the Income Tax Act, 1961, in India provides a deduction for individuals paying rent for house properties. This deduction is particularly available for those who do not receive House Rent Allowance (HRA) from their employer. Form...
How to apply for lower TDS deduction certificate us 197 of Income Tax Act, 1961
TDS is a compliance where many taxpayers face numerous issues and complexities. It is possible that the TDS deducted from the taxpayer's income is more than what they are liable to pay. The provisions contained in Section 197 of the Income Tax Act,...