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. […]
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 […]
Introduction: In accordance with Section 234B of the Income Tax Act, 1961, taxpayers facing default or delay in advance tax payments are subject to a monthly interest charge of 1% on the assessed tax. This simple interest may also apply if the tax paid falls short of 90% of the assessed tax. In this article, […]
Introduction: Authors share in the profits publishers make from the sale of their books, which is royalty. The Tax Office taxes this royalty under the headings ‘profits and gains from trade or business’ or ‘income from other sources’. However, under Section 80QQB of the Income Tax Act, individuals can claim tax deductions on this income. […]
Introduction: At the beginning of your taxation journey, you may fear the complexity of the documentation and identification procedures that you must undergo. The Income Tax Act of 1961 contains many provisions on the authentication of individuals’ identities which are due to be used in tax-related purposes. This prerequisite not only applies to taxpayers themselves, but also […]
Introduction: Section 80IA of the Income Tax Act provides tax deductions for industrial undertakings and infrastructure development projects, encompassing the development, maintenance, and operation of such ventures. This section delineates the principles, requirements, and limitations governing tax deductions. Aimed at fostering India’s growth, the Government of India aims to incentivize eligible assesses with tax benefits, […]
Introduction: According to India’s Income Tax Act of 1961, income from housing property is one of the five categories of income. It is the money that a person makes from their own residential property. Any building or piece of land that is connected to a building , a store, office, factory, or other business establishment […]