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This article is going to be helpful for taxpayers confused about the provisions under Sections 111A, 112, and 112A of the Income Tax Act, 1961 regarding the capital gains taxes of Shares, Debentures, Mutual Funds, and other types of movable and immovable properties. Need Demo of Income Tax Compliance Software Section 111A Under Income Tax […]
The Income Tax Department of India issues a unique alphanumeric number called Permanent Account Number (PAN) under section 139A of the Income Tax Act, 1961. Section 139A also contains some provisions related to the (PAN) that are required to be complied with. In case of failure, the penalties are to be imposed on the defaulter. […]
As per norms u/s 206C of the Income Tax Act 1961, it is a prime requirement for a certain category of sellers to collect TCS from a certain category of buyers at the rates prescribed by the government. On failure to collect the TCS from specified buyers, the sellers are liable to pay a huge […]
The only things that knock our minds when we listen to the word ‘rent’ are the payment which has to be paid at the beginning or at the end of every month. This can be understood by the person who lives in the rented house or has to give any rent like the machine rent, […]
TDS is an acronym of Tax Deducted Source (TDS) which was implemented by the Indian government to collect taxes from sources on the income earned by an individual.
In a major shift from VAT to GST, India has supported the new indirect tax regime from the core of its heart and its capabilities. Almost all the traders and taxpayers have tried to comply with the newly incorporated tax scheme and have done whatever the new law has demanded from them.
For income tax, the online e-filing ITR portal will be processed with a revamp via substantial amendments effective for taxpayers. The tax department’s internal circular which is not publicized dated October 8, 2024, expressed, “The operations phase of the existing Integrated e-filing and Centralised Processing Centre (IEC) 2.0 is coming to an end and the […]
In a ruling that has captured the attention of tax professionals and businesses alike, the Income Tax Appellate Tribunal (ITAT) in Delhi furnished its verdict on the case between GSR Industries and the Deputy Director of Income Tax (DDIT). This case judged dated 26 December 2023, rotates about diverse problems related to income tax assessment […]
In a nation as diverse and economically vibrant as India, comprehension and adherence to income tax compliance are crucial factors in fostering financial stability and making a positive contribution to national development. Being the second-most populous country globally, India heavily relies on a robust taxation system to finance essential services and infrastructure initiatives. Effects of […]
