Introduction: At the conclusion of each fiscal year, taxpayers are required to review their financial records to ascertain any outstanding taxes, which must be settled subsequent to TDS (Tax Deducted at Source) and advance tax payments. This outstanding tax, referred to as self-assessment tax, necessitates computation and prompt payment by the taxpayer to evade penalties. […]
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: While conducting market research and business planning is an important step, understanding tax obligations from the outset is equally important. It is particularly important to familiarize yourself with Section 115BA of the Income Tax Act as it sets out the tax structure of businesses like yours. Section 115BA of the Income Tax Act, introduced […]
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 […]
Introduction: To enhance the efficiency of tax collection in India, the government introduced Tax Collected at Source (TCS). Under this mechanism, a seller collects taxes from a buyer at the time of purchase. Upon collection, the seller is responsible for remitting the TCS amount to the Income Tax Department within a specified time frame. Moreover, […]
Introduction: When remitting payment to the payee, the payer is required to withhold TDS on specific occasions, excluding salary disbursements. Additionally, the payer must file a TDS return using Form 26Q, which is submitted on a quarterly basis. The total contribution for the entire quarter, along with the corresponding TDS deduction, should be recorded in […]