Perquisites are extra benefits that employees receive on top of their pay. Depending on their nature, certain perks or perquisites may or may not be taxable. The term fringe benefits or perks refers to … READ FULL STORY
The Government of India offers several provisions under various sections of the Income Tax Act, 1961, under which taxpayers can take advantage of tax benefits by contributing to various funds. Users may claim a … READ FULL STORY
The income tax Form 13 is associated with TDS, which stands for ‘Tax Deducted at Source’. According to the Income Tax (IT) Act, TDS must be deducted at the time of any payment. TDS … READ FULL STORY
Taxpayers have the option of filing their income tax forms offline or online. Now, let’s examine how to submit IT returns utilising an offline tool. The offline utility must first be downloaded by the … READ FULL STORY
The Centralised Processing Center (CPC) first processes all taxpayers’ online income tax returns. Following the processing of the return, the income tax department notifies the taxpayers of the outcomes according to section 143(1). … READ FULL STORY
Residential status refers to the status of a person according to the time period for which the person has been in India for the last five years. The taxpayer’s income tax burden depends on … READ FULL STORY
In India, the Income Tax (IT) Act of 1961 sets the rules and regulations for the levy and collection of income tax, a tax that is charged on the income of all individuals and … READ FULL STORY
Each investment decision is primarily influenced by the rate of return and the level of risk. Those who prefer minimal risk over high returns typically choose fixed deposits (FDs). They are inevitably among the … READ FULL STORY
According to Section 92E of the Income Tax Act of 1961, it is mentioned that whoever is connected with any international transaction or specified domestic transactions has to acquire a report from an accountant. … READ FULL STORY
The government’s tax on real estate is known as the property tax. It is also known as a property assessment or land tax. Property tax rates can vary widely depending on the geographic location … READ FULL STORY
You will undoubtedly experience a delay in getting your refund if you file your taxes after the deadline. All tax returns are delivered to the centralised processing centre (CPC) within 20 to 45 days. … READ FULL STORY
Under Section 90 of the tax law allows for a credit or deduction for tax paid in a foreign nation on income taxable in India. This provision is intended to prevent double taxation of … READ FULL STORY
Challan 281 is a form used by the Indian Income Tax Department to deposit tax or other amounts payable under the Income Tax Act 1961. It is used to deposit various types of taxes, … READ FULL STORY
