There can be profit and also losses in every type of business, where losses are difficult to digest. Though Income Tax Act in India provides for the benefits of losses too. The law contains the provisions for set off and carry forward of losses. SET OFF OF LOSSES: Set off of losses means making adjust […]
Understand the concept of Minimum Alternate Tax (MAT) and its implications for companies. Learn how MAT limits tax exemptions and ensures a minimum tax payment to the government.
If a company is earning profit then they provide it to the shareholders of the company which is known as dividend. Dividend is income for shareholders so it is taxable in the hands of tax payer. Though, Income tax act 1961 provides exemption of dividend which is receive from an Indian company by imposing a […]
MEANING: Alternate Minimum Tax or AMT was came into existence for non-corporate taxpayers who works on same principles. Though, applicability, exemption, way of adjusting income and reporting requirement etc. differ from Minimum Alternate Tax. BASICS: As the name suggests, Alternate Minimum Tax is a minimum tax which is imposed on alternative to normal tax. AMT […]
Discover the concept of income and its various sources. Learn about salary, business profits, dividends, and more in this comprehensive guide.
Who should file Income Tax Return and what are the advantages of filing an Income Tax Return? Any person as described under to section 2(31) of Income tax act are required to file Income tax return if their total net income falls under the taxable category. Person includes (i) Individuals (ii) Partnership Firms (iii) HUF […]
WHAT IS TDS AND TCS IN INCOME TAX? TAX DEDUCTED AT SOURCE (TDS): TDS is known as Tax Deducted at Source, it is the income tax which is deducted from the payment made at the time of making some specified payments like rent, professional fees, commission, interest, salary etc. Normally whenever any individual earns income […]
WHAT IS PAN AND TAN? PERMANENT ACCOUNT NUMBER (PAN): PAN is assigned to all the taxpayers in India as an identification number. PAN number is a single number which is an electronic system and has all the tax related information for a company or for a person. This act as a primary key for storing […]
Understanding income tax offences and penalties. Learn about the different penalties for contravening provisions of the Income Tax Act.
INCOME FROM OTHER SOURCES Incomes which does not fall under any of the other head will fall under the head of ‘Income from Other Sources’. INTEREST INCOME: Interest which are accumulates under the Saving Bank shall be mention under the head of ‘Income from Other Sources’ in tax return. Important point here is to be […]
