Income Tax Articles

Basics of international taxation

Venkat Raj 23 July 2022 at 08:37

As businesses are no longer confined to local territories and willing to expand overseas and overseas investors also want to invest in India the scope of international taxation has enormously expanded. International taxation has seen huge changes in a decade of time.

Benefits of National Pension Scheme (NPS)

Taxblock 19 July 2022 at 08:44

The National Pension Scheme is a national social security initiative launched by the Central Government with a motive to encourage many salaried employees to invest a small amount of money in their pension account during their course of employment. After retirement, the subscribers can take out a certain percentage of money as a monthly pension.

Buy an Electric Vehicle and Claim Exemption under Income Tax Act

Poojitha Raam Vinay 19 July 2022 at 08:44

A new section 80EEB was inserted from AY 2020-21 to claim an exemption on the interest portion of the loan taken to purchase an electric vehicle.

What is income?

Taxblock 14 July 2022 at 11:00

Income is the money an individual receives in compensation for their work, services, or investments. For businesses, Income means revenue that a business generates by selling its goods and services. Revenue is the money earned by a company from selling goods or services throughout its operations.

How to Import Masters and Vouchers to Tally?

Neethi V. Kannanth 14 July 2022 at 08:56

To import masters into XYZ Company, you need to ensure that both the options Maintain stock categories and Maintain batch-wise details are enabled in XYZ Company before importing.

Errors in AIS on IT Portal? How to Handle it?

Poojitha Raam Vinay 12 July 2022 at 16:30

One of the important documents for verification while Tax filing is the Summary statement of AIS. The Annual Information Statement (AIS), launched last year, is a comprehensive statement containing details of 46 of the financial transactions like Income, Investment, Expenditure happened in a particular Financial Year.

How to Export Masters and Vouchers from Tally?

Neethi V. Kannanth 12 July 2022 at 08:50

You can export masters created in a company, in different formats. You can also choose the type of masters to export.

Illustrative Clause 44 Of Form 3CD for FY 2021-22

CA Sudhir Halakhandi 11 July 2022 at 09:04

The Clause 44 of the Form 3CD is effective for Assessment Year 2022-23 i.e. for the Financial Year 2021-22 because the compliance of this clause was kept in abeyance till 31/03/2022 but for all the reports submitted after that date the clause is mandatory.

TDS And TCS under Income Tax

Taxblock 11 July 2022 at 08:43

TDS and TCS are the government's most important sources of revenue. It's also critical for businesses to pay their taxes on time to avoid penalties and remain compliant.

Section 194R TDS

Shreyansh Ranka 09 July 2022 at 09:02

Responsibility to deduct TDS under this section is not casted on the Individual/HUF in case the total sales during the immediate preceding financial year do not exceed 1 Crore rupees in case of business and 50 Lakh rupees in case of the profession.