Form 16 is a crucial document provided by employers to their employees in India. It is a certificate that serves as a proof of the TDS (Tax Deducted at Source) deducted from an individual’s salary income and deposited with the Income Tax Department. The key components of Form 16 provide a detailed insight into the […]
Introduction: The income tax department treats tax filings with utmost seriousness, demonstrating its commitment through swift and decisive actions against any misconduct. In July 2023 alone, the department issued over 100,000 notices to taxpayers suspected of underreporting or misreporting their income. These notices, authorized under Section 133 (6) of the Income Tax Act, are dispatched […]
Introduction: A Nil GST return can be filed when there are no outward supplies during the respective month or quarter. This form primarily enables taxpayers to claim input tax credit on their returns. According to GST law, filing a return for the period, even with no transactions, is mandatory for every taxpayer. Under GST regulations, […]
Introduction: All individuals with taxable income are required to file an income tax return each financial year. After filing, the income tax department processes the return to check for errors. If errors are minor, a summary assessment under Section 143(1) can be completed without contacting the assessee. Hence, notices under Section 143(1) are the most […]
Introduction: On July 1, 2017, India instituted the Goods and Services Tax (GST), a comprehensive indirect tax overhaul aimed at streamlining previous levies such as service tax, Value Added Tax (VAT), excise duty, among others. GST applies to the supply of both goods and services, with charges imposed at each transaction point. All businesses and […]
Introduction: When a resident taxpayer receives income from another state, the foreign state generally withholds the tax. In such cases, the taxpayer still pays taxes in the state of residence. Residents can, however, apply for relief by applying for withheld foreign tax credits. This can be done by filing Form 67 with the Income Tax […]
Introduction: The perception of taxes as burdensome prompts taxpayers to seek ways to minimize or eliminate their tax obligations. Yet, such endeavors are counterproductive to a nation’s growth and development. Section 115JB of the Income Tax Act is therefore intended to prevent companies from taking advantage of tax credits excessively. Let’s delve deeper into the […]
Introduction: An income tax assessing officer, employed by the Income Tax Department, is tasked with evaluating income tax returns. Their primary responsibilities involve verifying the accuracy of these returns and identifying any intentional or unintentional discrepancies. Furthermore, each jurisdiction appoints its own assessing officer to oversee taxpayers within its boundaries. Every taxpayer is allocated a […]
Introduction: Education stands as one of the paramount investments parents make for their children. Nevertheless, the expenses related to school fees and other educational necessities can pose a considerable financial strain on families. To alleviate this burden and foster literacy, the government provides tax deductions on tuition fees paid for children. In this article, we […]
Introduction: The ‘Sukanya Samriddhi Yojana (SSY)’ also known as ‘Bal Bal Samriddhi Yojana’ is perfectly in line with the campaign objectives of Prime Minister Narendra Modi as part of the Beti Bachao Beti Padhao campaign. The scheme was inaugurated on January 22, 2015 in Panipat, Haryana. Among the national banking schemes offered by the Government […]
Introduction: The National Pension Scheme (NPS) and Public Provident Fund (PPF) stand as pillars of government-backed retirement saving, each advocating disciplined savings to fortify your post-retirement years. Despite sharing similar objectives, their coexistence raises questions: why two schemes with akin goals? What sets them apart? And crucially, which one suits you better? If you find […]