Income Tax
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
Complete Overview Of Section 194Q of the Income Tax Act
Introduction The Income Tax Act, 1961, forms the backbone of India’s taxation system, regularly updated to accommodate the evolving economy and address emerging issues. One such addition was Section 194Q, introduced to enhance transparency in business transactions involving the purchase of goods. Effective from July 1, 2021, this section mandates buyers to deduct Tax Deducted […]
Manikuntala
February 10, 2025 at 11:43 AM
Understanding Section 148 of the Income Tax Act: Common Reasons and How to Avoid It
Introduction Receiving a Section 148 notice under the Income Tax Act can be an unsettling experience for any taxpayer, as it signals potential discrepancies, underreported income, or missing details in previous tax filings. This notice is issued by the Income Tax Department when it has reasons to believe that a taxpayer’s income has escaped assessment, […]
Manikuntala
February 10, 2025 at 10:33 AM
Agricultural Income: Tax Treatment and Taxability in India
Knowing the tax on agricultural income is essential for farmers and agribusinesses to ensure compliance with tax regulations.
Vanshika
February 10, 2025 at 10:27 AM
TCS in Income Tax: Basic Concepts and List of Goods Covered
Tax Collected at Source (TCS) is a vital mechanism in India’s tax system, under the Income Tax Act.TCS mandates that the seller of certain goods or services collect tax from the buyer at the time of sale, which is subsequently deposited with the government. This ensures an upfront collection of taxes and helps reduce tax […]
Riddhima Singh
February 10, 2025 at 07:51 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