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
In Indian tax law, section 269SS of the Income Tax Act is a provision for accepting loans or deposits by individuals or businesses. It specifies that no person shall take any loan from any … READ FULL STORY
Among salaried tax payers, Section 80C is the most commonly-used provision of the Income-Tax Act, to avail of tax deductions on their income. However, nearly all tax payers in India claim deductions under Section … READ FULL STORY
Form 67 Income Tax: FTC in India Indian tax law deals with the idea of FTC in sections 90 and 91 of the Income-tax Act. Section 90 discusses FTC claims in cases where India … READ FULL STORY
TRACES is an internet facility powered by the Income Tax Department of India. TRACES further expands to TDS Reconciliation Analysis and Correction Enabling System. The main motive behind this internet facility is to allow … READ FULL STORY
If you run a small business, it is essential to understand the provisions of Section 44AE of the Income Tax Act 1961. The Presumptive Taxation Scheme was incorporated under the Income Tax Act 1961 to … READ FULL STORY
Under the Income Tax law, businessmen and professionals are required to maintain regular accounts, which must be audited. However, the Amritsar Bench of the Income Tax Appellate Tribunal (ITAT) in November 2022 ruled that … READ FULL STORY
