Income Tax Articles
Is trading possible without paying tax?
According to Times of India the investor base has seen more than 3x jump in the last five years, facilitated by rapid growth in digitization, rising investor awareness, financial inclusion, and strong market performance.
Section 80GG of Income Tax Act
16 May 2024
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One of the most important tax deductions available to us is the rent on the house. This is covered by Section 80GG of the Income Tax Law. This is especially helpful for employees who do not receive a rental housing allowance (HRA) from their employers.
Section 194J: Fees for professional or technical services
Section 194J of the Income Tax Act pertains to the TDS on fees for professional or technical services. According to this section, any person, including an individual or a company, who is responsible for paying to any sum as fees for professional or technical services, is required to deduct TDS.
Rent Receipt with Revenue Stamp
A rent receipt is an important document provided by a landlord to a tenant as proof of payment for rent
Transactions Reporting under SFT
SFT is a mechanism for monitor high-value transactions conducted by Assessee/customer; a significant regulatory measure was introduced with the inception of Form 61A under Section 285BA, effective from April 1, 2004, as per Notification No. 182/2005 dated July 11, 2005.
Income Tax India's AIS Upgrade: A Closer Look at New Functionalities
The Income Tax Department has now upgraded the AIS functionality, allowing taxpayers to track the confirmation status of information reported by sources like banks. This new feature aims to increase transparency by displaying if the source has accepted or rejected feedback on incorrect data in the AIS.
International Taxation: Taxation of Non-residents Shipping Business-Section 44B of the Act
In this article, CA Mehul Thakker explains the concept of International Taxation with regard to the Taxation of Non-residents Shipping Business in Section 44B of the Income Tax Act.
Tax treatment of Livestock: Analysis
In India, the dairy industry forms an important part of the agricultural sector and plays an important role in the growth of India's economy. Another important area is providing livelihoods to hundreds of people across rural and urban areas.
Liability of Directors in case of a Private Company
In this article, we have tried to cover the liability of directors under different laws, i.e., company law, income tax, and GST.
How to Save Tax if Salary is Above 5 Lakhs for FY 23-24?
As the due dates are not so far to file your Income Tax returns for the FY 23-24, as an individual taxpayer one cannot contribute that much in form of taxes on their earnings.
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