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: 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: Indian tax laws cover all aspects of business income and require business owners to have a thorough knowledge of tax procedures. Failure to submit accurate forms and returns can result in fines, penalties and legal consequences for your company. It is therefore important for business owners to be aware of these regulations to ensure […]
Introduction: Several provisions and rules are connected with Section 115AD of the Income Tax Act. The most recent amendment to section 115 AD, which took effect from FY 2021–2022 and applies to the assessment year 2022–2023, introduces appropriate changes in the tax treatment of foreign institutional investor income derived from banks or securities of capital […]
Introduction: Section 17 of the Income Tax Act delineates the comprehensive classification of employee benefits offered by an employer into three distinct components: salary, perquisites, and profits in lieu of salary. This section acquaints you with the intricacies of each of these segments. In this article, we will examine the complexities of Section 17 of […]
Introduction: The income tax department implemented the TDS tax deduction system for efficient and expedient tax collection. According to the Finance Act of 2013, any Hindu Undivided Family (HUF) or individual buying real estate valued at Rs 50 lakh or more is obligated to deduct TDS during the transaction with the seller. This deducted TDS […]
Introduction: The Income Tax Act not only stipulates taxation on citizens’ income but also presents numerous avenues for claiming deductions and rebates, which are contingent upon how taxpayers allocate their earnings. One such deduction available to individual salaried employees is the standard deductions. It is important to note that salaried individuals and pensioners can pay […]
Introduction: Under Section 206C of the Income Tax Act, individuals are responsible for remitting indirect tax, whether they use services or purchase goods. These indirect taxes include TCS (Tax Collected at Source), TDS (Tax Deduction at Source), and GST (Goods and Services Tax). The seller collects the tax under section 206c and remits it to […]