Income Tax Articles

How to file an income tax return for LLP?

Ishita Ramani 15 February 2023 at 16:05

Every LLP incorporated in India is required to file an income tax return under Section 139(1) of the Income Tax Act of 1961. Partners of an LLP are in charge of filing the annual income tax.

How to file Income Tax Return Online?

Alisha Kar 15 February 2023 at 08:51

An individual sends an Income Tax Return (ITR) form to the Income Tax Department of India in order to provide information about his earnings and taxes due for the previous calendar year.

Beware of impact for delayed payment to MSMEs and its impact in Income Tax, GST and other laws

CA Umesh Sharma 15 February 2023 at 08:51

There have been a lot of talks about the new provision that the government has proposed to bring for boosting the MSME Sector.

Bank Reconciliation Statement With An Example

Mitali 14 February 2023 at 16:01

Bank Reconciliation Statement is a statement prepared mainly to reconcile the difference between the 'Bank Balance' as shown by the Cash Book and the 'Bank Balance' shown by the Bank Pass Book.

Procedure of transfer of shares by gift & tax implications

FCS Deepak Pratap Singh 13 February 2023 at 10:02

In some occasions, gift to individual is exempted such at marriage and gifts receipt by a person from his/her relatives. The definition of relatives has been given in Section 2(47) of the Companies Act, 2013.

Income Tax Calculation: Old Regime Vs New Regime

Aisha 11 February 2023 at 15:22

In India, the income tax is governed by the Income Tax Act, 1961 and is imposed by the Central Board of Direct Taxes (CBDT). The taxable income of an individual is taxed at different slab rates, based on the individual's income level.

Old vs. New Personal Tax Regime: An Explainer on Making an Informed Choice

Mayank Mohanka 11 February 2023 at 13:00

With a view to rationalize the personal tax slabs and simplifying the complex maze of a plethora of deduction claims of individuals and HUFs in their income tax returns, the Government has introduced a new regime of personal tax, by introducing a new section 115BAC w.e.f. FY 2020-21 and onwards.