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 […]
Filing taxes can be a difficult and intricate task, especially for people and businesses with multiple sources of revenue and complicated financial situations. While some people will navigate the complexities of tax codes and deductions of their own, there are multiple benefits of taking the help of the expertise of a professional income tax consultant. […]
Introduction: To strengthen the efforts of religious charities, the Government of India provides various tax exemptions under Section 11 of the Income Tax Act but these exemptions are conditional on specific types of income, and the organizations have to meet certain conditions to be eligible to apply The Government of India offers substantial tax deductions […]
Introduction: The Finance Act ushered in the concept of Advance Pricing Agreements (APAs) through the enactment of Sections 92CC and 92CD. APAs serve as formal agreements between taxpayers and tax authorities, delineating the arm’s length price and its method of calculation for international transactions. In 2012, nations such as the US, Canada, Australia, China, and […]
Introduction: One of the Indian Government’s main revenue streams stems from taxes paid by individuals, companies, and other entities. In efforts to curb tax evasion and foster compliance, the government offers various exemptions and deductions to taxpayers. Nevertheless, a handful of companies have exploited these provisions, effectively becoming zero-tax entities. Therefore, to deal with this […]
Introduction: Companies engaged in specific international or domestic transactions must comply with the rules set out in Section 92E of the Income Tax Act. These regulations are compulsory for associated enterprises, and various criteria determine whether their transactions fall within the aforementioned categories. Therefore, multinationals operating in India should be familiar with the rules and […]
Introduction: The Income Tax Act has prescribed specific deadlines for filing of income tax returns each year in section 139. Failure to comply with these deadlines may result in legal consequences Failure to comply with income tax laws may incur penalties, including the obligation to pay interest as mentioned in section 234 of the Income […]
Introduction: Income taxpayers in India are eligible for relief under Sections 90, 90A and 91 of the Income Tax Act, 1961 as per the provisions of the Double Taxation Avoidance Agreement (DTAA). In India’s dynamic global business landscape, individuals often earn income from abroad, leading to the risk of double taxation by both source and […]
Tax Deducted at Source (TDS) is a mechanism introduced by the Income Tax Department of India to collect tax at the source of income generation. It ensures that tax is deducted in advance from various sources of income such as salaries, interest, rent, commission, etc., thereby minimizing tax evasion. TDS return filing is the process […]
Tax preparation services involve the process of organizing and filing taxes for individuals and companies. For both individuals and corporations, tax season can be a stressful time. It can seem like an impossible task to ensure proper and compliant tax filings with the constantly changing tax laws and complex demands. This is where expert tax […]
In this blog, we talk about the benefits of NRI Tax Services importance for Non-Resident Indians (NRIs) who have financial ties to India but reside abroad.