Learn about the mandatory filing of Income Tax Returns (ITR) under Section 139(1) of the Income Tax Act. Understand criteria, exceptions, and avoid penalties. Stay compliant with Indian tax regulations.
Explore the implications of the Finance Act 2023 amendment under Section 43B of the Income Tax Act, affecting deductions for payments to MSMEs. Learn the impact on tax planning and compliance.
Amnesty available to non-filers of Form GSTR-4 [composition scheme dealer] –If any composition dealer who has not filed or furnished the return in form GSTR-4, for the period from July 2017 to March 2022, and files or furnishes such return between 1st April 2023 to 30th June 2023, then the late fee is restricted to Rs 500/- per year.
Discover the impact of Budget 2023 on TDS for winnings from online gaming (Section 194BA). Changes include an earlier effective date, no threshold limit, a 30% TDS rate, and reporting requirements. Learn about due dates, TDS return filing, and eligibility for deductions.
Discover the ease for senior citizens in tax compliance! Learn about the exemption from filing Income Tax Return under Section 194P for individuals aged 75 and above, receiving pension and interest income. Conditions and benefits explained.
Maximize your tax savings with additional deduction of interest on housing loan. Learn how you can claim deductions under section 80EE & 80EEA.
Discover the tax benefits of owning an electric vehicle in India. Learn how to claim deductions under section 80EEB of the Income Tax Act.
Learn all about the new Section 139(8A) of the Income Tax Act and how it allows taxpayers to file updated returns for missed income.
Learn about the new requirements for donations and transparency in filing Form 10BD and issuing Form 10BE certificates.
Section 206AB states that where, for any transaction, a TDS has to be deducted under any provision of the Income Tax Act, such TDS shall be deducted at a higher rate if the transaction is entered with a Specified Person. Similarly, for any transaction where a TCS has to be collected, such TCS shall be collected at a higher rate if the transaction is done with the Specified Person.
