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Simple Meaning of TDS Challan TDS challans are used to deposit TDS with the Indian government. There is only one challan that can be utilised for depositing taxes collected under each section of the Income Tax Act. Assesses who want to pay the TDS without a challan must deposit the TDS collected on the same […]
Form 15G for the provident fund (PF) withdrawal would be the self-declaration form which confirms the petitioner that there shall be no TDS deduction when they withdraw their provident fund before the provided fiscal year. Under the norms of income tax, when the employee withdraws via provident fund prior to completing 5 years with the […]
The IT giants like Infosys, Wipro, and TCS question moonlighting. Moonlighting has increased amid covid-19. Simple to Understand Moonlighting It is described as taking another job in addition to primary employment. The other job has been chosen without taking any permission from the primary job. Some tax implications might interrupt through moonlighting IT heads cautioned. […]
The Income Tax Appellate Tribunal, Bangalore Bench, in the petition furnished to it ruled that there shall be no disallowance that has incurred under section 14A when no exemption of the income would be earned via the taxpayer. The mentioned observation was incurred via Tribunal if the petition was made to it via taxpayer UKN […]
The Central Board of Direct Taxes dated 13 September furnished a circular for the elimination of the issues in Section 194R that obligated the responsibility to the individual for giving the advantages to the resident to deduct tax at source with 10%. Before that, the Finance Act 2022 inserted a new section 194R in the […]
The Income Tax Appellate Tribunal (ITAT), Kolkata has ruled that the Assessing Officer is not able to validate the information of the Tax Deduction at Source (TDS) via the related party and deletes addition. While at the time of the scrutiny assessment of the petitioner, M/s. Jai Balaji Industries Limited, the Assessing Officer ruled that […]
Income can be defined through the earnings of the person when he gets compensation for his work, services, or investments. For the businesses, the income is directed to the revenue which is being generated by the businesses by selling their goods or services from their operations. The definition and explanation of income are given in […]
Introduction of Section 68 Under Income Tax Why Section 68 was introduced under Income Tax Act, 1961? There was a need and importance to start the provision of section 68 beneath the income tax act, of 1961 to protect the interest of the revenue as the taxpayer was involved in the harmful tax practices to […]
Every individual who comes under the income chargeable to tax is needed to furnish the ITR to declare their income along with the tax liabilities. However, the income tax laws in India issue the collection or deduction of the tax at source (TDS/TCS) itself. The same gives the assurity about the regular flow of the […]
