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An Intro About Form 10E Section 89(1) of the Income Tax Act 1961 requires you to submit Form 10E in order to claim tax relief. A delayed salary received in the form of arrears is eligible for tax relief under Section 89(1) of the Act. Your Form 16 includes a line for any arrears received. […]
Simple Definition of Tax Audit Report In certain specified situations, a business or profession may be subject to a tax audit under Section 44AB of the Income Tax Act. Chartered Accountants prepare audit reports after auditing businesses’ books of accounts in practice. In a Tax Audit, a CA ensures that the books of accounts are […]
Simple Meaning of Revised ITR for Assessees The purpose of a revised return is to correct any omissions or errors made when filing your original ITR. When you file a revised return, you simply file it again with the correct information. You must include details of the original return when filing a revised return. Who […]
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. Assessees who want to pay the TDS without a challan must deposit the TDS collected on the same […]
Delhi High Court seeks to answer the income tax department on the strange case, in which the man claiming his PAN is indeed being provided to another individual for which he obtained the notices from the bank to clear the credit card bills of that particular individual. The person, who seeks advice from the authorities […]
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 […]
What is a New Common ITR Form? A common ITR via combining all the forms of income return excluding ITR-7 shall be proposed by the Income tax department. CBDT intends to have a single ITR filing form when taxpayers will log in to file their ITR on the portal then they will see one ITR […]
There are more than 7.9 million MSMEs in India dated 27th March 2022, as per the Ministry of Micro, Small, and Medium Enterprises. Nearly 30% of the country’s manufacturing production comes from MSMEs. In the 2022 Statista report, there are nearly 110 million Indians who worked in MSMEs in the financial year 2016. As compared […]
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 […]
