There are a number of deductions available under various sections that will bring down your taxable income. In this article, we have discussed some deductions under chapter VIA that a taxpayer can claim.
The implication of section 194Q in the Income Tax Act, 1961 is one of the several desperate attempts of the Government to increase the flow of revenue into the exchequer.
In this article, we have given a complete step-wise tutorial on how one can correct their name in their Aadhaar Card, in person, via post or online.
In case a deduction has already been claimed on an accrual basis in any earlier previous year, it will not be allowed again in the year in which it is actually paid.
According to Section 194O, an e-Commerce operator is required to deduct TDS for facilitating any sale of goods or providing services through an e-Commerce participant.
India first introduced an equalisation levy in 2016, when it charged 6% of consideration for online advertisement services, earned by non-residents from an Indian resident carrying on a business.
Due to the COVID-19 pandemic situation in India, CBDT, as well as CBIC, have provided various relaxations in Direct Tax and Indirect Tax. Let us discuss the same.
As per section 35D of the Income Tax Act, 1961, preliminary expenses incurred prior to the commencement of business, extending an existing business, setting up a new unit etc. are eligible to be amortized.
The author has shared one of his cases that lead to an amendment in the Income-tax Act, allowing Power Sector Companies to compute their Book Profits for the purpose of MAT either on the basis of the Electricity Regulatory Act or the Companies Act.
The Finance Bill, 2021 has proposed to amend section 115JB to provide that dividend income and expenses claimed in respect thereof be reduced or added back from the net profit if such income is taxed at lower than MAT rate due to DTAA.
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