A nationalised identification card is known as a Permanent Account Number or PAN card. You won’t be allowed to conduct any financial transactions without a PAN. A tax-paying individual, business, or HUF is given … READ FULL STORY
Taxes are monetary fees that the government levies on income, goods, services, activities, or transactions. Taxes, the government’s primary funding source, are utilised to advance national laws, legislation, and practises that benefit the populace. … READ FULL STORY
The idea of deductions to be made while calculating the total income is covered in Chapter VI A of the Income Tax Act of 1961. Sections 80C to 80U deductions are also included in … READ FULL STORY
Section 139 of Income Tax Act covers several provisions regarding the late filing of various income tax returns, i.e. after the given deadline. Section 139 also includes instructions to help individual or non-individual assesses … READ FULL STORY
Under income tax laws in India, an individual’s income tax is determined by their residential status for that fiscal and the prior four years. Sometimes a person, who is an Indian citizen, may not … READ FULL STORY
Education cess was an additional levy that was started on the primary tax liability under the guidance of the central government. Through this cess, the government could generate extra revenue for primary and higher … READ FULL STORY
Under India’s income tax law people making certain payments are responsible for deducting tax at source (TDS) from the amount. Section 195 of the Income Tax Act deals with TDS deductions on NRI income. … READ FULL STORY
The TDS that must be deducted whenever a person pays a resident contractor for performing any service is covered by Section 194C of Income Tax Act, 1961. Here, the presence of a contract between … READ FULL STORY
Section 194J of the Income Tax Act pertains to the tax deduction on payments made to professionals or for technical services. According to this section, any person responsible for making payments to a professional … READ FULL STORY
Section 154 of Income Tax Act pertains to rectifying mistakes in an income tax return or assessment. It allows the taxpayer or the tax assessing officer to correct any mistakes or errors in the … READ FULL STORY
In the Budget 2023-24, the government has reduced the highest surcharge on personal income tax to 25% from the previous 37%. The reduced rate is applicable only on taxpayers who opt for the new … READ FULL STORY
If you have paid excess amount of tax than your actual tax liability, you can claim an income tax refund. The Income Tax (I-T) Department will verify the returns and process the ITR refund. … READ FULL STORY
The government levies income tax on the money that people, companies, and other entities make. The tax is commonly collected by the government through payroll deductions for workers or by having people and businesses … READ FULL STORY
