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When filing your Income Tax Return (ITR), mistakes may happen. Whether it’s a typo, misreported income, or a TDS mismatch, these errors can impact your tax calculation and refunds. Thankfully, the...
When taxpayers file their Income Tax Returns (ITR), these are first processed by the Centralized Processing Centre (CPC). Afterward, the taxpayer receives an intimation under Section 143(1), which...
The Central Board of Direct Taxes (CBDT) has introduced new rules for condoning delays in filing income tax returns (ITRs) for claiming refunds or carrying forward losses. Effective from October 1,...
Starting October 1, 2024, the government has introduced changes to the Tax Deducted at Source (TDS) rates that will impact various transactions. The goal is to make tax collection more efficient and...
Purchasing a home is a significant milestone, but it also comes with financial responsibilities. One of the perks of taking a home loan is the potential tax benefits available to buyers....
In India, gifts are taxed under the Income Tax Act since the Gift Tax Act was repealed in 1998. There is no specific gift tax, but gifts are subject to income tax. Gifts up to ₹50,000 per year are...
The Indian government introduced the Vivad Se Vishwas Scheme 2.0 in the 2024 Union Budget. This scheme is designed to help taxpayers settle their income tax disputes more easily and efficiently. If...
s we approach the Union Budget 2024, several important tax changes will take effect starting October 1, 2024. These changes, announced by Finance Minister Nirmala Sitharaman in the 2024 Union Budget,...
Tax audits play a vital role in ensuring that businesses and professionals comply with the legal standards for maintaining accurate financial records. With the income tax audit deadline of September...
Income tax inspectors play a crucial role in the enforcement of tax laws and ensuring compliance among taxpayers. Their duties and powers are governed by various statutes and regulations designed to...
The business world often deals with various tax terms and structures that can significantly impact transactions and operational efficiency. One such term that is frequently encountered, especially in...
In India, dealing with the demise of a loved one is an emotionally and financially taxing experience. Understanding the available death benefits and related income tax implications can offer some...
In the annals of Indian history, the imposition of the 'Breast Tax' (or 'Mulakkaram') stands as a grim reminder of the perverse forms of social discrimination and oppression that were once prevalent....
The world of finance is filled with complex terminologies and strategies designed to maximize profits while minimizing tax liabilities. One such term that often emerges in discussions among investors...
Navigating through the myriad forms and documentation associated with income tax can be daunting. One such essential form that taxpayers should be aware of is Form G. This blog post will delve into...
When we talk about taxation, one term that often pops up is 'Professional Tax.' Though not as widely discussed as income tax or GST, professional tax is an essential component of many tax systems...
When purchasing a vehicle in many countries, including India, buyers often hear about a term called "TCS" or Tax Collected at Source. This blog aims to help you understand what TCS tax is, how it...
A sublease, or sublet, is when you rent out your rented space to someone else for part of your lease term. Imagine you're renting an apartment but need to leave temporarily; you can sublease it to a...
Navigating the world of taxes can be tricky, especially if you're looking to transfer assets and have some dues pending. A specific section of the Income Tax Act, known as Section 281, plays a...
Freelancing in India is on the rise, offering flexibility and autonomy. Yet, understanding Goods and Services Tax (GST) is crucial for smooth business operations. This guide will dive into essentials...
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