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In today’s dynamic business landscape, cost management accounting plays a crucial role in ensuring that organizations remain profitable, competitive, and sustainable. It goes beyond traditional...
The Government of India offers tax deductions to help disabled individuals reduce their financial burden. Section 80U of the Income Tax Act provides specific deductions for resident individuals...
In a company, key decisions are made by the board of directors through resolutions. These resolutions represent agreements made by the company's members during meetings and involve critical...
Converting a Limited Liability Partnership (LLP) into a Private Limited Company involves a process that is detailed and governed by the rules and laws in India, notably under the Companies Act, 2013,...
Have you ever wondered why TDS was deducted from your expense reimbursement? Let's break down when TDS applies to these reimbursements, especially in cases involving non-residents, contractors, or...
Section 45(5A) of the Income Tax Act, 1961, was introduced by the Finance Act of 2017, addressing a major challenge faced by individuals and Hindu Undivided Families (HUFs) involved in Joint...
Navigating taxes doesn't have to be a daunting task, especially with a solid grasp on essential sections, like Section 112A of the Income Tax Act in India. This section holds particular relevance for...
Earning income from private tuition classes is common among educators and professionals who wish to supplement their income. But how do you report this income in your Income Tax Return (ITR)?...
A Partnership Deed is a legal document that outlines the terms and conditions of a partnership between two or more individuals who wish to establish a business
In today's world, education has become more important than ever before. With the rising costs of higher education, many families are turning to education savings accounts to help prepare for their...
Navigating the Goods and Services Tax (GST) exemptions for small businesses in India can be a daunting task. However, it's essential as it impacts both the financials and operations of any business....
Filing your Income Tax Return (ITR) without Form 16 can seem daunting, but it is entirely possible. Form 16, provided by employers, summarizes the salary and taxes deducted during the financial year....
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,...
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