Here we will discuss few of the consequences of non-filing or delay in filing of ITR when you are liable to do so under the Income-tax Act (“the Act”) which will lead to paying higher taxes (including interest, penalty, Delay fees ) or face legal action by the Government: 1. Non-carry forward of losses – […]
Understand the concept of Updated Return under the Income-tax Act, its necessity, tax implications, and filing process. Get insights for timely compliance.
Understand tax loss harvesting in India: a strategy to minimize taxes on investment gains by offsetting losses against gains as per Income-tax Act provisions.
Learn about TDS on rent under the Income-tax Act – rates, applicability, exemptions, and procedures. Understand how to comply with TDS obligations for landlords and tenants.
Explore taxability of Sovereign Gold Bonds (SGB) under Income-tax Act, including capital gains, interest, redemption, and features of SGB.
Understand the income tax rules for individuals departing India. Learn about the forms and procedures for obtaining tax clearance and no objection certificates. Find out the necessary information for domiciled and non-domiciled individuals.
Explore the provisions under the Income-tax Act for startups in India. Learn about the tax benefits and incentives offered by the government to promote entrepreneurship.
Learn how Indian laws combat cash transactions through measures like demonetization, Benami Transactions Act, and Income-tax Act. Understand penalties and compliance to ensure financial transparency.
Grandfathering clause means an old provision in law continues to apply on certain existing situations corresponding to new provisions which has been introduced to apply to all the future situations.
Section 6 of the Income-tax Act [Residential Status] In order to determine the residential status under Income-tax Act, number of days of stay in India is to be calculated in previous year for which residential status is to be determined. Following are the scenarios in order to determine the primary residential status of an Individual: […]
