It is mandatory for every taxpayer to communicate the details of his income to the Income-tax Department. These details are to be furnished in the prescribed form known as return of income. In this part, you can gain knowledge about the various provisions relating to return of income.
The provisions of transfer pricing are designed to keep a check on the practice of reducing the tax liability by entering into transactions at prices higher/lower than market prices with one or more associated entity.
Article discusses about Basic provisions relating to due date of payment of TDS to the credit of Government, Interest for failure to deduct tax at source/delay in payment of TDS, Non filing of TDS statement without payment of interest, Basic provisions relating
For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called Tax Deducted at Source commonly known as TDS. Under this system, tax is deducted at the point of origination of income. Tax is deducted by the payer and the same is directly remitted to the Government by the payer on behalf of the payee.
As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined under section 2(1A) of the Income-tax Act. As per section 2(1A), agricultural income generally means: (a) Any rent or revenue derived from land which is situated in India and is used for agricultural purposes. (b) Any income derived from such land by agriculture operations including processing of agricultural produce so as to render it fit for the market or sale of such produce.
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Unlock the secrets of financial reporting for non-corporate entities with our comprehensive guide. Learn about the recommended formats for balance sheets and profit and loss statements, and understand the disclosure requirements. Explore the impact of recent initiatives by the Accounting Standard Board of ICAI on non-corporate entities’ financial statements. From understanding levels of applicability to detailed instructions for preparation, our guide empowers you with the knowledge needed for transparent, comparable, and unbiased financial reporting.
सरकार द्वारा समय समय पर किए गए उपायों के बावजूद सिसक सिसक कर बढ़ रहा प्रापर्टी मार्केट फिर कराहने लगा है. ऐसा नहीं की सरकारें इस क्षेत्र को उठाने और बढ़ाने का भरसक प्रयास कर रही है, लेकिन ये पर्याप्त नहीं दिख रहे हैं. हम सभी भलिभांति परिचित है कि रीयल एस्टेट सेक्टर न केवल […]
From the date of applicability of this circular, any national from a country that shares a land border with our Country, India, must seek security clearance from the Ministry of Home Affairs, Government of India if they wants to get appointed as Director in any Indian Company.
Discover the essentials of Advance Tax under the Income Tax Act, 1961. Learn who is liable, when to pay, and how much to pay. Uncover the consequences of non-payment and the benefits of fulfilling your Advance Tax obligations. Ensure a smooth tax journey with key insights and timely payments.
