Tax Planning while setting up of a business with reference to the Nature of Business for A.Y 2021-2022 and A.Y 2022-2023 - An analysis of Eight important Deductions as per the Income Tax Act.
An offence committed by an assessee under the provisions of the Income Tax Act,1961 shall be subject to penalty. There are more than 45 penalties under the act. Discussing the same in this article.
Section 206C(1H) was introduced in Finance Act 2020 while Section 194Q was introduced in Finance Act 2021. Let's discuss the provisions of Section 194Q and its relation with Section 206C(1H).
Section 285BA of the Income Tax Act, 1961 read with Rule 114E of Income Tax Rules, 1962 says certain persons are required to report a statement of financial transaction (SFT) or reportable account to the Income Tax Department.
Discussing TDS Interest and its different types, together with the late fees for delay in filing of TDS Return and penalty that may be imposed on late filing of TDS Return u/s 271H.
This article will help you to solve your problem related to the restriction on cash transaction and the top 10 high value transactions as per the Income Tax Act/GST.
The Finance Act, 2020 introduced various amendments related to the registration of Charitable Trust and Religious Trust for availing the exemption u/s 11 and 12 of the Income Tax Act, 1961.
A deduction is an expense that can be subtracted from the taxable income of an assessee to reduce the amount owed as specified in the Income Tax Act, 1961.
In this article, we have discussed the difference between the New and Old Income Tax Regime under six criteria, in a tabular format.
As per section 197, when the actual tax payable on the income of an assessee is lower than the TDS to be deducted by the payer, then the AO shall grant him a certificate upon the application made by the assessee.
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