Income Tax

Dividend refers to the portion of profit that is distributed by companies to its shareholders, either annually or quarterly, depending […]

ICAI has introduced a new financial statement format for non-corporate entities such as proprietorship firms, individual businesses, Limited Liability Partnerships

Section 44BBC is a new rule in the Income Tax Act which has been designed to help non-resident cruise ship

Form 26Q is an essential document for reporting Tax Deducted at Source (TDS) on payments unrelated to salaries in India.

Income Tax Slabs The new income tax regime has been made the default tax regime. The slab rates are: Income

As per section 194BB of the Income Tax Act of 1961, Winnings from horse race― Any person, being a bookmaker

As per Section 271C of the Income Tax Act 1961, states that the “Penalty for failure to deduct tax at

When a taxpayer passes away, their legal heir or representative is responsible for filing their ITR as the income earned

What is Agricultural Income? The term “Agricultural Income” is defined in three parts under IT Act u/s 2(1A)(a), 2(1A)(b), 2(1A)(c)

New Tax Regime was introduced in the Finance Act 2020 and effective from FY 2020-21. Section 115BAC offers a simplified

Section 194Q, introduced via the Finance Act 2021 and effective from 1st July 2021, mandates Tax Deducted at Source on

Section 194B of the Income Tax Act requires tax deducted at source (TDS) on earnings from lotteries, crossword puzzles, and