Understanding your residential status for tax purposes is crucial in India. For individuals and entities operating in the ever-evolving tax landscape of India, determining residential status is paramount. Section 6 of the Income Tax Act, 1961, serves as the cornerstone for navigating this crucial aspect.
57 types of incomes and expenses to be reported in the Annual Information Statement (AIS) on the Income Tax portal notified by CBDT.
Redevelopment of society means tearing down an existing oneone and building a new one in place of it. it. Simply put, it isa reconstruction a reconstruction of the existing residential and/or commercial structure.
Income Tax Department has issued reminder for taxpayers and the same has also been shared on X (formerly Twitter).
29 May 2024
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Finance Act 2021 introduced an amendment where the trusts had to file a statement of donations received in each financial year as per section 80G(5)(viii) and as per section 35(1A)(i).
Let's break down the rules for how political parties are taxed by CG. Basically, if a political party meets four specific conditions, all income earned is tax-free income.
The CBDT has recently rolled out a new functionality in the AIS that allows taxpayers to view the status of their feedback in real-time.
Depreciation is calculated annually based on the two methods. Check out the two methods to calculate depreciation.
How to Save Tax if Salary is Above 10 Lakhs: know the rate, exemptions and calculation for filling your return.
Section 144 of the Income Tax Act outlines the procedure for making assessments when a taxpayer fails to fulfill certain obligations, such as submitting returns or complying with notices issued by the Assessing Officer.
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