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Short Brief About Advance Tax Advance Tax is a part of your tax payment that must be made before the end of the year. The tax should be paid in the same year as the income is received. Therefore, it is a popular name called a pay-as-you-earn scheme. Who is Required to Pay Advance Tax […]
More than 40% of the total wealth made is held by the top 1% of the wealthy people in India from 2012-2021, but only 3% of the wealth would come into the account of the bottom 50%. Only 5% of the Indians hold more than 60% of the country’s wealth. The same would be directed […]
Simple to Understand PAN Card For the purpose of uniquely identifying taxpayers, the Indian Income Tax Department issues PAN cards. Every taxpayer has access to this 10-digit alphanumeric code. The Permanent Account Number card makes it simple for taxpayers to conduct a variety of financial transactions while also assisting the Income Tax Department in tracking […]
The TDS Credit was permitted for the assessment year in which income is assessable by the Delhi bench of the Income Tax Appellate Tribunal (ITAT). In addition to operating and maintaining a nursing home, the assessee, Prakash Sunrise Healthcare Limited, has been providing medical treatment to different government workers, including military personnel, on behalf of […]
The yearly payment of lease rentals will be subject to TDS under section 194-I of the Income Tax Act of 1961, according to the Delhi bench of the Income Tax Appellate Tribunal (ITAT). The firm being assessed, Ajnara India Ltd., is in the business of planning and building infrastructure and real estate projects. In order […]
The income tax department has extended the deadline for a variety of compliances linked to the long-term capital gains tax exemption till March 31, 2023, which will be helpful to many taxpayers. In order to claim any exemption under the terms of Section 54 to 54GB of the Income-tax Act, 1961, the Central Board of […]
Here’s what you should do if you work from home for a foreign firm and are unsure if you need to pay income tax. To ascertain your tax due, first examine your resident status in India, any tax deducted at source (TDS), and the Double Taxation Avoidance Agreement (DTAA). Submit Form 67 (foreign tax information), […]
“It is saddening to note that tax evasion has been mushrooming in our State / Country day-by-day, which is purely illegal, and such evasion includes hiding true income and portrayal of false income, not reporting cash flow, etc” In a recent decision, a Division Bench of the Madras High Court expressed its sadness about the […]
A Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that domestic companies must file form 10-IC within the prescribed timeframe if they wish to claim a deduction under section 115BAA of the Income Tax Act. The appellant was represented by Counsel Nihar A. Mehta, and the department was represented by Chetan M. […]
