Section 40A(2)(b): Tax Implications of Related Party Payments
Section 40A(2)(b) of the Income Tax Act means that if a taxpayer makes a payment to a related party, they […]
PF Withdrawal Limit: Subscribers Can Withdraw Up to Rs 1 Lakh
PF withdrawal limit has been raised from Rs 50,000 to Rs 1,00,000. The announced made by the Union Labour Minister
Appeal Under Income Tax : CBDT’s Revised Thresholds for Faster Resolutions
Appeal is a petition against an order of assessing officer when an assessee is not satisfied with the order of
Form 67: Claiming Tax Relief Under DTAA
Form 67 is a declaration containing Statement of income from a country or specified territory outside India and Foreign Tax
Health Insurance For Senior Citizens: Coverage for Age above 70
Health insurance for senior citizens provides medical coverage to individuals which covers pre- and post-hospitalization expenses, daycare procedures, and sometimes
Form 71: TDS Claim in the Correct Tax Year
Form 71 enable taxpayers in correcting errors in tax deduction at source (TDS). This form is also applicable when TDS
Tax Audit Limit: Criteria for Businesses and Professionals
Tax audit limit specifies the threshold for businesses and professionals, beyond the limit must get accounts audited under Section 44AB
Clause 44 of Tax Audit Report: A Quick Overview for Auditors
Clause 44 of Tax Audit Report in Form 3CD requires auditors to provide a detailed breakup of the total expenditure
Section 271H of IT Act: New Rules to TDS/TCS Filing Penalties
Section 271H of IT Act related to penalty if a person fails to file TDS or TCS returns/statements within the
GST on Flex Fuel Vehicles: Call for Lower GST to Propel Bio-energy Growth
GST on flex fuel vehicles shall reduce to 12% suggested by the Union Minister Nitin Gadkari to promote their use.
Tax Audit Applicability: Criteria and Thresholds You Should Know
Tax audit applicable if business or profession exceeds certain turnover or income threshold limits. Income tax audits under Section 44AB
F and O: Taxation for Futures & Options Traders
F and O – Futures and Options is a non speculative business which are types of financial derivatives used in