Income Tax Articles

Whether Section 186 is exempted to NBFC

CS Divesh Goyal 27 February 2024 at 10:56

In the following article, the author will explore a very significant subject concerning the applicability of Section 186 to non-bank financial companies (NBFC)...

Bird's Eye View on sum payable to micro and medium enterprises disallowed u/s 43B(h) of the IT Act, 1961

CA Anshu Bansal 27 February 2024 at 08:51

Section 43B of the Act provides a list of expenses to be allowed as deduction under the head 'Income from business and profession'. It states some expenses that can be claimed as deduction from the business income only in the year of actual payment and not in the year when the liability to pay such expenses is incurred even if the assessee follows mercantile basis of accounting.

Gross Total Income: How to Calculate It?

Ayush 26 February 2024 at 17:12

Gross Total Income are the total income earned by an individual or entity before subtracting any deductions or taxes. It includes income from various sources such as salary, wages, business income, capital gains, interest, dividends, rental income, and any other sources of income.

Buying a Property? Hold Up! Let's Talk TDS on Seller's Residency

CA. Bhavik P. Chudasama 24 February 2024 at 17:18

Whether you're buying from a resident Indian or a non-resident Indian (NRI) seller, different TDS rules apply, and navigating them can be tricky.

CBDT issues order giving effect to the Budget proposal of remitting petty tax demands

Vivek Jalan 23 February 2024 at 14:21

In the Interim Budget 2024-25, The finance minister proposed to withdraw direct tax demands up to INR 25000 pertaining to the period up to tax year 2009-10 and up to INR 10000 for tax years 2010-11 to 2014-15.

Section 148A Notice: Dangerous as Ak-47 Riffle in the hands of AO - Beware

CA. Chikkerur C R 23 February 2024 at 10:33

Section 148A of the Income Tax Act, 1961, pertains to the issuance of notices for assessment or reassessment in certain cases. It is as dangerous as the AK-47 rifle in the hands of the Department if we wrongly respond to this notice. Be Careful!

What are the ways to reduce your income tax?

Ishita Ramani 23 February 2024 at 08:44

This article will give you information on "How to Minimize Income Tax".

The 45 Day Payment Rule

Nikhil Kothari 23 February 2024 at 08:44

These days everywhere you see people are talking about the 45-day payment rule (MSME Section 43B (h)) but often people are more confused rather than convincing so let's understand this entire concept.

Is Stipend Taxable

Mitali 22 February 2024 at 16:00

A stipend is a sum of money paid to someone which are typically smaller than salaries and are provided to individuals to support them financially while they gain knowledge and experience through education, training, or specific positions.

Payments to MSME vendors

anmol bohra 22 February 2024 at 14:37

Section 23 of the MSMED Act provides that where the assessee is liable to make payments of interest under or in accordance with the provisions of the MSMED Act, no deduction shall be allowed to the assessee for such payments for calculating taxable income under the Income Tax Act.