Income Tax
A Complete Guide to Choosing the Right ITR Form (FY 2024-25)
Filing an Income Tax Return (ITR) is an essential obligation for taxpayers in India. Determining which form to use amidst the various types of ITR can often be confusing. To ensure compliance and avoid penalties, it’s important to file the correct ITR form based on your income source, profession, and entity type. This guide explains […]
#types of itr#what is income tax return#what is itr 1 2 3 4 5 6 7#which itr form to file
Shivender
January 21, 2025 at 11:48 AM
Ten Reasons Why Filing Income Tax Returns Is Vital for You
Filing an income tax return, or ITR, may not be the most thrilling activity, but it’s a significant part of financial responsibility and compliance in India. For salaried employees, self-employed professionals, or business owners, timely and accurate filing of your income tax returns offers advantages beyond mere legal compliance. In this blog, we are going […]
#income tax#Income Tax Returns
Sarat
January 21, 2025 at 08:10 AM
How Section 234F Penalty Affects Your Income Tax Filing
Filing an income tax return is a fundamental duty for taxpayers; it ensures compliance and contributes to the growth of the nation. However, if you fail to file your Income Tax Return (ITR) within the due date, you may face penalties, specifically under Section 234F of the Income Tax Act, 1961. The penalty for late […]
#income tax#Penalty for Late Filing of Income Tax Return
Shivender
January 17, 2025 at 12:47 PM
How Tax Consulting Services Help NRI Companies
Navigating the complexities of taxation is a challenge for any business, but it becomes even more complicated when dealing with cross-border operations. For NRI Companies (Non-Resident Indian companies) operating in India or conducting international transactions, taxation can involve intricate compliance obligations, multiple jurisdictions, and ever-changing legal frameworks. This is where Tax Consulting Services for NRI […]
#NRI Taxation#Tax Consulting Services for NRI Companies
Shivender
January 17, 2025 at 10:08 AM
Tax on Sale of Property: Everything You Need to Know
Selling a property is an exciting financial opportunity, but it also comes with tax implications that you must carefully consider. In India, property sellers are required to pay Capital Gains Tax, which depends on the profit earned from the sale and the duration the property was held. By understanding the government’s latest rules and Tax […]
#Capital Gains Tax#Long-Term Capital Gains#Section 54 Exemption#Section 54EC Exemption#Short-Term Capital Gains#Tax Exemptions on Property Sale
Shivender
January 10, 2025 at 07:11 AM
Decoding CBDT Alerts: Understanding ITR Mismatch Concerns
Introduction The Central Board of Direct Taxation (CBDT) has alerted taxpayers to inconsistencies in their Income Tax Returns (ITR) and encouraged individuals and businesses to act promptly to avoid potential penalties. As a result of discrepancies found between reported income and actual data on file with the Income Tax Department, these letters serve as a […]
Nikita P
January 06, 2025 at 06:24 PM
Income Tax Returns
Introduction Income tax returns are official papers submitted to the government in order to declare or prove the person’s or company’s revenue or earnings and expenditure. These presented in tax returns by the person filing it is used to compute the amount of tax paid to the government or refunds due for the specified financial […]
##companiesact2013#Companies Act#Income Tax Returns
Shabana A
October 29, 2024 at 08:35 AM
Sec 32AD of Income Tax Act, 1961: Investment in new plant or machinery in backward areas in states
A legal foundation for investments in new plants and machinery in notified areas of specific states is provided by Section 32AD of the Income Tax Act. If an assessee establishes a manufacturing or production facility in any designated region in the states of Andhra Pradesh, Bihar, Telangana, or West Bengal, Section 32AD will be applicable. […]
Akshat Srivastava
December 18, 2023 at 08:22 AM
SECTION 30 RENT, RATES, TAXES, REPAIRS AND INSURANCE FOR BUILDINGS
The following deductions are permitted for rent, rates, taxes, repairs, and insurance for real estate used for a trade or profession: A. If the assessee is the tenant of the property, the amount paid as rent; B. Any amount paid (whether as an owner or tenant) for land revenue, local rates, or municipal taxes; However, […]
Amrit P Mishra
December 18, 2023 at 08:14 AM
Rule 126 of Income Tax Rules, 1962 – Computation of period of stay in India in certain cases
According to section 6 (1) of the Income Tax Act, 1961, the period of stay of an Indian citizen who is a crew member of a ship determines that individual’s residential status. In order to compute this period of stay in a uniform and consistent manner, Rule 126 has been prescribed. Rule 126 states the […]
Gayathri Madhu
December 18, 2023 at 06:45 AM