What is section 1940 of the Income Tax Act? Section 194O of the Income Tax Act pertains to the TDS (Tax Deducted at Source) on e-commerce transactions. What is the rate of tax … READ FULL STORY
Under the Income Tax Act of India, Section 80CCD is a provision that allows individuals to get a tax deduction for contributions made to their pension account, including the National Pension Scheme (NPS) and … READ FULL STORY
People can claim income tax (IT) deductions of up to Rs 1.5 lakh per year for payments made to specific pension plans as per Section 80CCC of Income Tax Act, 1961. Section 80CCC was … READ FULL STORY
The Budget 2023-24 has capped the deduction from capital gains on investment in residential house under Sections 54 and Section 54F at at Rs 10 crore for better targeting of tax concessions and exemptions. … READ FULL STORY
Through the Taxation (Amendment) Ordinance, 2019, the government amended the Income Tax Act, 1961, in various manners. One of these amendments was the addition of Section 115BAA. The government lowered the corporate tax rate … READ FULL STORY
Under the income tax laws in India, employers have been tasked with the job of deducting tax from the income of the employees at the time of payment of the salary. Section 192 of … READ FULL STORY
The Finance Act of 2021 incorporated Section 148A in the Income Tax Act, 1961, effective for the 2021-22 tax year. Its purpose is to require the assessing officer to make any necessary inquiries, with … READ FULL STORY
A Section 143(2) notice is issued when the internal revenue service discovers inconsistencies in your tax filings. Both under and overstatement of revenue or losses may contribute to disparities. The assessing officer can’t serve … READ FULL STORY
In India, every person within the tax bracket has to provide income details to the Income Tax (IT) department. These are submitted by way of filing IT returns. Once filed, the IT department verifies … READ FULL STORY
According to Section 148 of the Income Tax Act, in case a person’s taxable income has evaded the ITD’s review, an assessing officer will allocate a notice to furnish the proper documentation to show … READ FULL STORY
Capital gains refers to any profit received through the sale of a capital asset. The profit received falls under the income category. Thus, a tax must be paid on this income, which is known … READ FULL STORY
Under India’s income tax laws, businesses must report their income after getting their books audited by credited chartered accountants (CAs) under Section 44AB of the Income Tax Act, 1961. This section ensures appropriate reporting … 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
