Introduction: While filing income tax returns, it is important to note Section 44AB which deals with computation of tax audit under the Income Tax Act. To provide context, an audit requires an independent team to scrutinize an organization’s data and business processes. Alternatively, it can be called a systematic review or survey.. In contrast, a […]
Introduction: The Finance Bill 2022 introduced a new concept: a revised tax refund that allows taxpayers to amend their ITR within less than two years of filing, provided taxes have been paid. Recently, the Central Board of Direct Taxes (CBDT) issued a new ITR Form U for filing updated income tax returns. When using this […]
Introductions: It is a mandatory task for taxpayers in India to file Income Tax Return (ITR) every year. Although the process may seem simple, individuals often make mistakes that can lead to unnecessary complications or penalties. Whether it’s providing incorrect personal information or incorrectly calculating taxable income, understanding and avoiding these common mistakes is important […]
Introduction: The Income Tax Act of 1961 contains provisions that allow taxpayers to reduce their taxes by taking advantage of various deductions and exemptions. These provisions include section 80JJAA ,offering employers deductions for hiring new employees and meeting specific criteria. In this blog post, we will provide a detailed overview of Section 80JJAA, including its […]
Introduction: Section 115 BAC of the Indian Income Tax Act, introduced through the Finance Act of 2020, provides individuals with the option to select between the conventional tax rates and the new concessional tax rates, disregarding legal specifics such as deductions and exemptions. Upon the enactment of Section 115 BAC, ambiguity arose regarding whether employees […]
Introduction: To reduce the burden on small tax payers, Government of India has introduced presumptive tax under Section 44AD of the Income Tax Act. In the past, they had to do the hard work of maintaining books of accounts and doing audits. These provisions provide a simplified method of calculating profits and profits for businesses, […]
Introduction: The advance tax payment system entails paying income tax in advance, throughout the year in installments, rather than settling the entire tax liability in a lump sum at the end of the financial year. Familiarizing yourself with the rules and regulations surrounding this advance tax payment is essential. Here, you will find detailed information […]
Introduction: Filing annual tax returns is an important responsibility for all taxpayers. Not only does this important work bring great relief, but it also lightens a huge burden for many. However, process does not end there. Taxpayers need to e-verify their tax returns again to complete the filing process. It is important not to overlook […]
Introduction: The Taxation Act of 1961 provides deductions and exemptions designed to reduce taxable income, thereby reducing personal tax liability These provisions allow deductions for investments in within a particular system or alongside certain types of debt. There is a separate exemption for contributions to National Pension Scheme (NPS) under Section 80CCD(1B). In this guide, […]
Introduction: It is a mistake to assume that the goal of all businesses is to avoid or minimize their tax obligations. There are some citizens who want to voluntarily pay their taxes first. This is not just kindness, but a proactive approach. By understanding or calculating your annual income, you can calculate and pay your […]