Income Tax Return is a form that individuals and businesses are required to file with the Income Tax Department. The purpose of ITR is to report the income earned during a financial year and pay taxes on it.
As per section 68, any sum found credited in the books of a taxpayer, for which he offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, may be charged to income-tax as the income of the taxpayer of that year.
An income tax calculator is an online tool that is designed to estimate tax liability for a given tax year. It takes into account factors such as income, deductions, credits, and exemptions to determine how much tax an individual or business owes.
This ruling of SC will have a far-reaching effect, which has changed perception of using Partnership Firm to evade taxes. The SC has considered revaluation of the assets of a Partnership Firm is an event deemed to transfer of assets to the partners and hence taxable in the hand of firm.
Statutory Tax Compliance Tracker - December 2022
A Hindu Undivided Family is a family which consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters.
Concessional Rate of Tax for Domestic Company
15 November 2022 at 11:59
14th Nov is celebrated as Children's Day on Hon Mr. Pandit Jawaharlal Nehru's birthday. Every parent spends money from their income on the education, development of their children, but are unaware of the taxation benefits which the parents can enjoy, let us discuss it one by one.
Last week 7th of Nov 22 was the due date for payment of TDS deducted during the month of October 2022, whereas most of them would have noticed that in tin-nsdl portal
12 November 2022 at 08:50
The TDS idea was introduced with the intention of collecting tax at the source of revenue itself. Tax filing is a time-consuming process that is subject to unavoidable mistakes.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
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