Income Tax Articles
Role of Compensatory Penalties in Business Regulation and the Pitfalls of Punitive Measures
Penalty is allowed if it is compensatory and teaches the assessee how to run its business in future. It is disallowed if it is a punishment for intentional violation of a law
TCS u/s 206C (1H) - FAQs answered!
TCS u/s 206C (1H) has come into effect on 1st October 2020. Herein, we have answered some of the most asked questions regarding the section.
Section 44AB: Applicability of Tax Audit & Penalty
What is tax audit?The dictionary meaning of the term "audit" is check, review, inspection, etc. There are various types of audits prescribed unde
"Ek ki Karni Dusre ki Bharni" in TDS Defaults due to Inoperative PAN
The TDS defaults on account of Inoperative PANs have created a lot of issues among taxpayers. What are some major issues faced by them?
Income Tax Preparation Software in Excel for Non-Government Employees for FY 2023-24
12 December 2023
13562 Views
This article explores the realm of income tax preparation software in Excel, offering insights into its benefits, features, and a step-by-step guide for the fiscal year 2023-24.
Applicability: Co-operative society engaged in the business of manufacture of sugar
Sugar factories operating in the co-operative sectors in certain States of India pay to sugarcane growers a final amount, often referred to as Final Cane Price (FCP) which is over and above the Statutory Minimum Price (SMP) fixed by the Central Government under the Sugarcane Control Order, 1966.
Exploring the Resale Method in Transactions with Limited Value Addition by Distributors
Resale method appropriate in Transfer Pricing where there is no Value Addition to traded goods by the distributor
Tax treatment of Agricultural Income
Agricultural Income Tax treatment / Taxability Agricultural Income : Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. The reason for exemption of agricultu
An Analysis of TDS u/s 194Q
TDS at the rate of 0.1% is to be deducted on the amount exceeding Rs. 50 lakhs in any one FY from one seller from whom the buyer has purchased goods worth more than Rs. 50 lakhs.
Automating Income Tax Filing for 50 Employees with Form 16 Part B in FY 2023-24
07 December 2023
9968 Views
The tax season is upon us, and for businesses with 50 employees, mastering Form 16 Part B for the financial year 2023-24 is crucial. In this comprehensive guide...
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