There are several benefits in the Income Tax Act available for senior and super senior citizens to claim to reduce their tax burden.
A new clause inserted by the Finance Act of 2023 allows deductions made to MSMEs on an actual payment basis instead of an accrual basis if the payment is made within the threshold limit.
NRO accounts, also known as Non-Resident Ordinary accounts, are crucial for managing financial transactions for individuals of Indian origin or non-residents earning income in India.
The standard deduction for salary income in India was abolished in the Finance Act of 2005-06. At that time, the standard deduction was removed as part of the government's efforts to simplify the tax structure.
The Reserve Bank of India has issued Master Directions on the 'Filing of Supervisory Returns' by all Supervised Entities on February 27, 2024. In this article, we will focus on the changes applicable to NBFCs.
Valid ITC cannot be denied merely due to Reflection in GSTR-3B. Availment of valid ITC in books, GSTR-9 and GSTR-2B is sufficient
The CBDT notified Rule 21B prescribing the additional information that is required to be furnished by non-residents along with TRC in prescribing Form-10F.
In this article, we will discuss the shareholding rights of a subsidiary company in its holding company under Section 19.
The Income Tax Act has various provisions for an individual to take benefit of and claim deductions for tax purposes. These deductions are an incentive for individuals to make residential real estate purchases.
Let's dive into one of the heads of Income tax i.e. Income From House property. In this article, you will learn about all Provisions & deductions that falls under the said Head.
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