How to file rectification requests online
Simple meaning of rectification is correction of mistakes. In income tax, rectification refers to correction of mistakes or errors or omissions while filing return of income for any particular financial year. After filing return of income, the same is verified and...Deduction u/s 57 allowed for following mercantile system consistently
Under mercantile system of accounting which is also called as accrual system of accounting, incomes and expenses are recorded in the books of accounts as and when they are earned or incurred. This is regardless of the fact that whether they are actually received or...What is DTAA (Double Taxation Avoidance Agreement)
It is quite often that people from one nation travels abroad to work and earn good amount of income. However, travelling to foreign countries and earning there gets them into certain tax compliances. Indian provisions of income tax also include NRIs and people earning...All about set off and carry forward of losses
There are certain transactions where profits and losses occur during the process. Profits however are taxable in the eyes of Income tax but losses provide certain benefits to the assessees. These benefits are available to individuals as well as businesses. Set off is...
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