How to calculate income tax on salary?
Majority population of our country is the hardworking class of people who are under employment of some or the other organisation. They render their services to their employers in return for a consideration in the form of salary. There exists a...
How to give feedback in AIS (Annual Information Statement)
Annual Information Statement (AIS) is a detailed and comprehensive summary of information for a taxpayer during the relevant financial year. AIS information is based on information reflected in Form 26AS on traces portal. Since AIS is a summary of...
DSC not required for Filing Audit reports for Individuals and HUFs
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Adjustment to opening WDV of assets is required in case of new regime is opted for AY 2024-25
Depreciation means reduction in the value of a particular asset due to wear and tear process. Depreciation is calculated by using two methods which are i) SLM i.e. Straight Lime Method or ii) WDV i.e. Written Down Method Income tax allows using of...
TDS Rates issued for FY 2024-25
Deduction of taxes at source is an important source of revenue for government to have their working capital needs in place. TDS means tax deducted at source, at the time of making payments as mentioned in the provisions of Income Tax Act, 1961. TDS...
ITAT allows Bad debts claimed u/s 36(1)(vii) in respect of identified debts
One of the fears every businessperson has is about incurring bad debts and the claim of such bad debts being disallowed in the books of law. Bad debt represents the financial loss that a business incurs when customers fail to repay credit or...
All you need to know about AIS TIS 26AS
Government of India with the help of CBDT have aimed at ensuring accuracy, transparency and authenticity of financial transactions carried out by different types of persons. Since we live in the age of automation, keeping a track of activities done...
What is Maximum Marginal Rate in Income Tax?
The maximum marginal rate in income tax refers to the highest percentage of tax applied to the income earned belonging to the highest tax bracket. However, it's essential to recognize that not all income is taxed at the maximum marginal rate....
Section 154 of Income Tax Act (Rectification of mistakes)
The season of filing income tax returns generally begins the beginning of a new financial year. It is important to file correct and accurate income tax returns to safeguard yourself from scrutiny or notices by department of income tax. After...
Bank Details Mandatory for Capital Gain Accounts Scheme (CGAS) in ITRs of AY 2024-25
The Capital Gain Account Scheme (CGAS) in India is a tax saving investment provision offered by the Income Tax Act, 1961, to enable taxpayers to save on capital gains tax arising from the sale of assets like property or securities for a particular...
Schedules for reporting GSTR details in Income Tax Returns
Reporting Goods and Services Tax (GST) details in income tax returns in India is crucial for businesses that are registered under the GST regime. One crucial aspect is reporting GST details in income tax returns. Understanding this process is...
Section 54 and Section 54F Exemptions Explained with latest restrictions
Investing in a property has always been a dream of every individual, but it is very often that these individuals are unaware of the tax benefits they might enjoy with investing in a property. Sections 54 and 54F of the Income Tax Act provides...