Taxation
Powers and Functions of Income Tax Authorities: Rules, Rates and Compliance
Imagine waking up to a notice from the income tax authorities questioning your tax filings or summoning you for an inquiry regarding your financial transactions. Sounds stressful, right? With the ever-evolving tax landscape under the Income Tax Act, 1961, the powers and functions of income tax authorities have significantly expanded. This enhancement had one motive: […]
#powers and functions of income tax authorities
Ali Sherwani
March 03, 2025 at 12:05 PM
A Complete Guide On Penalty under Gst: Rules, Rates & Compliance
Introduction The Goods and Services Tax (GST) in India aims to streamline indirect taxation, ensuring compliance and transparency. However, businesses often face penalties due to non-compliance, errors in filing, or failure to meet deadlines. Understanding penalty under GST is crucial for businesses to avoid legal consequences and maintain smooth operations. The government imposes fines under […]
Vanshika
March 03, 2025 at 11:57 AM
Depreciation on Mobile As Per The Income Tax Act: Rules, Rates and Compliance
Introduction In today’s fast-paced digital era, mobile phones are no longer just communication devices—they have become indispensable business assets. From managing client interactions and processing financial transactions to streamlining operations, smartphones play a critical role in modern business practices. However, what many business owners, freelancers, and professionals often overlook is that they can claim depreciation […]
Riddhima Singh
March 03, 2025 at 11:46 AM
Advance Ruling under GST: Rules, Rates and Compliance
Introduction An advance ruling under GST (Goods and Services Tax) is an essential mechanism in the taxation system that provides businesses with clarity on the tax implications of their proposed transactions. It offers binding guidance from the tax authorities on various aspects of GST, such as applicability, rates, exemptions, and classification of goods and services. […]
Swati Raghuwanshi
March 01, 2025 at 11:58 AM
Understanding The Eligible and Ineligible Input Tax Credits: Rules, Rates & Compliance
Introduction Taxation can often feel like a maze, and for businesses, understanding eligible and ineligible input tax credits under GST is crucial for cost savings and compliance. Picture this: A textile manufacturer purchases raw materials and pays GST on them. Later, when selling the finished product, they also charge GST. Without input tax credits (ITC), […]
Ali Sherwani
March 01, 2025 at 11:06 AM
Double Tax Avoidance Agreement: A Complete Guide On Rules, Rates & Compliance
Introduction Imagine earning income in two different countries but being taxed twice on the same earnings—this would significantly reduce your take-home income and create financial complications. This is where the Double Tax Avoidance Agreement (DTAA) comes to the rescue. Designed to prevent unfair taxation, DTAA ensures that individuals and businesses operating across borders do not […]
Ali Sherwani
March 01, 2025 at 11:02 AM
Professional Tax in Maharashtra: Registration and Filing
Introduction Professional Tax in Maharashtra is a state-level tax that applies to individuals and businesses who earn income through professions, trades, callings, and employment. It is governed by the Maharashtra State Tax on Professions, Trades, Callings, and Employments Act, 1975. This tax is levied on various professionals, such as employees, business owners, consultants, freelancers, and […]
Swati Raghuwanshi
February 28, 2025 at 12:45 PM
Income Tax Scrutiny: Notices and Responses
Introduction Income tax scrutiny assessment is an essential procedure used by the Income Tax (IT) department to ensure that taxpayers comply with tax laws. Scrutiny aims to verify the accuracy of a taxpayer’s return and ensures that all financial details provided are genuine. If discrepancies are found in the filed returns, the IT department issues […]
Swati Raghuwanshi
February 25, 2025 at 12:05 PM
Professional Tax Enrolment Process
Introduction Professional Tax (P-Tax) is a state-imposed tax on individuals earning an income through employment, trade, or profession. It is mandatory in many Indian states and is governed by respective state laws. Failure to comply with professional tax regulations can result in penalties and interest charges. Understanding ptax enrolment is crucial to ensure compliance with […]
#ptax enrolment
Priyanka
February 24, 2025 at 10:54 AM
What is DTAA in Income Tax and How It Works
Introduction Taxation can become a complex issue for individuals and businesses with foreign income, requiring careful planning and compliance. The risk of double taxation—where income is taxed both in the source country and the country of residence—can significantly reduce earnings and create financial burdens. To address this challenge, countries sign Double Taxation Avoidance Agreements (DTAA), […]
#dtaa in income tax
Priyanka
February 24, 2025 at 10:35 AM