Income Tax
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
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
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
What is Scrutiny Assessment In Income Tax?
Scrutiny Assessment in Income Tax is a detailed check carried out by the Income Tax Department under Section 143 of the Income Tax Act. In this process, the department carefully examines your filed return to confirm that the income, deductions, and exemptions you have claimed are correct, and that all taxes have been paid as […]
#scrutiny assessment in income tax
Swati Raghuwanshi
February 22, 2025 at 10:22 AM
Tax Audit Limit for Business and Profession: A Comprehensive Guide
Know the turnover threshold for mandatory income tax audits and its applicability for businesses.
#income tax audit turnover limit
Nikita P
February 07, 2025 at 05:26 AM
Section 269ST: Understanding Cash Transaction Limit in India
Introduction In India, the government has introduced several initiatives aimed at reducing the circulation of unaccounted money, promoting transparency, and improving tax compliance. One such important measure is Section 269ST of the Income Tax Act. Introduced by the Finance Act of 2017, this provision addresses the growing concerns around cash transactions and the potential for […]
#Section 269ST of the Income Tax Act
Priyanka
February 07, 2025 at 05:07 AM
Section 115JC of Income Tax Act: A Comprehensive Guide
Understand the provisions of Section 115JC, which deals with Alternate Minimum Tax (AMT) for certain taxpayers.
#115jc of income tax act
Shabana A
February 01, 2025 at 12:22 PM
Expert Guide to Taxation for NRIs: Rules and Benefits in 2025
Navigating tax laws in India can be daunting, especially if you’re a Non-Resident Indian (NRI) with income earned in India. Understanding income tax for NRI is crucial for compliance and optimizing your tax filings. Whether you earn income from property rental, investments, or capital gains, being familiar with your tax obligations can save you time, […]
#capital gain tax for nri#income tax for nri#non resident indian taxation#nri taxation in india
Shivender
January 21, 2025 at 12:29 PM
How HUF Can Help You Save Income Tax
Managing taxes effectively is a key financial goal for every taxpayer. If you’re seeking a structured and legal way to reduce your tax liability, forming a HUF (Hindu Undivided Family) might be the solution for you. A HUF is a separate legal entity in the eyes of the Income Tax Department, especially prevalent in Indian […]
##HUF#benefits of huf#hindu undivided family#how to form huf#huf income tax#huf tax benefits#joint hindu family business#what is hindu undivided family
Shivender
January 21, 2025 at 12:10 PM