Introduction: Section 194H of the Income Tax Act includes tax deduction at source on commission or brokerage payments. This provision applies to any person or entity paying a commission or brokerage fee to a resident. It outlines the prescribed rate for TDS deduction and delineates the procedures for filing returns and obtaining refunds. The category […]
Introduction: Forms 15CA and 15CB are very important in the dynamics of financial transactions, especially for businesses involved in international transactions. Recent research on these documents highlights the important role they play in ensuring compliance and facilitating communication. This comprehensive guide explores the intricacies of how they have been updated for Forms 15CA and 15CB, […]
Introduction: Section 115BAA of the Income Tax Act, 1961, which came into force through the Taxation (Amendment) Act, 2019, the Government of India enacted tax breaks for domestic corporations. Under this scheme, domestic businesses are entitled to a maximum tax rate of 22% with 10% plus 4% cess. The section 115 BAA option exempts companies […]
Introduction: Section 148 of the Tax Act deals with the provision of information in cases where any unreported income is found requiring reassessment. Understanding the nuances of this section is important for taxpayers to comply with the tax law. This guide provides a comprehensive overview of Section 148, including its scope, implications, notification justifications, statutory […]
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, […]