TDS Rates issued for FY 2024-25
Deduction of taxes at source is an important source of revenue for government to have their working capital needs in place. TDS means tax deducted at source, at the time of making payments as mentioned in the provisions of Income Tax Act, 1961. TDS...
ITAT allows Bad debts claimed u/s 36(1)(vii) in respect of identified debts
One of the fears every businessperson has is about incurring bad debts and the claim of such bad debts being disallowed in the books of law. Bad debt represents the financial loss that a business incurs when customers fail to repay credit or...
All you need to know about AIS TIS 26AS
Government of India with the help of CBDT have aimed at ensuring accuracy, transparency and authenticity of financial transactions carried out by different types of persons. Since we live in the age of automation, keeping a track of activities done...
What is Maximum Marginal Rate in Income Tax?
The maximum marginal rate in income tax refers to the highest percentage of tax applied to the income earned belonging to the highest tax bracket. However, it's essential to recognize that not all income is taxed at the maximum marginal rate....
Section 154 of Income Tax Act (Rectification of mistakes)
The season of filing income tax returns generally begins the beginning of a new financial year. It is important to file correct and accurate income tax returns to safeguard yourself from scrutiny or notices by department of income tax. After...
Bank Details Mandatory for Capital Gain Accounts Scheme (CGAS) in ITRs of AY 2024-25
The Capital Gain Account Scheme (CGAS) in India is a tax saving investment provision offered by the Income Tax Act, 1961, to enable taxpayers to save on capital gains tax arising from the sale of assets like property or securities for a particular...
Schedules for reporting GSTR details in Income Tax Returns
Reporting Goods and Services Tax (GST) details in income tax returns in India is crucial for businesses that are registered under the GST regime. One crucial aspect is reporting GST details in income tax returns. Understanding this process is...
Section 54 and Section 54F Exemptions Explained with latest restrictions
Investing in a property has always been a dream of every individual, but it is very often that these individuals are unaware of the tax benefits they might enjoy with investing in a property. Sections 54 and 54F of the Income Tax Act provides...
Deduction us 36(1)(va) is not allowed if Employees Contribution to PF is not paid within specified due date : ITAT Bangalore
While filing income tax returns for assessees having income from businesses, it is mandatory to follow certain guidelines as specified in the respective applicable acts. Business expenditures will be disallowed if such conditions are not fulfilled....
Form 10-IFA for new manufacturing co-operative societies under Section 115BAE option
Co-operative society means a society registered under Co-operative Societies Act, 1912 or any other law in force in any State for the registration of co-operative societies. The Finance Act 2023 has introduced a new tax scheme under section 115BAE...
CBDT circular on non-operative PANs before 31.05.2024
PAN card and aadhar card linking has become mandatory for various class of deductors and deductees like never before. Deductors are usually required to deduct higher TDS where PAN and Aadhar of a particular deductee is not linked. Many times...
How to file an appeal in Income Tax
Taxpayers are expected to make compliance that they are required to do with the Income Tax. It may either be related to return filing of income tax or replying and adhering to notices or orders of the income tax department. However, there are...