by Sinewave Team | Sep 2, 2024 | Taxation
As the deadline for filing Tax Audit report approaches, it is very important to know who all are required to get their accounts audited under Income Tax Act. In simple words, an audit is a systematic examination or review of financial records. Section 44AB of Income...
by Sinewave Team | Sep 1, 2024 | Taxation
The Income Tax Department of India overlooks the administration of direct tax laws in the country, primarily focusing on Income Tax Act, 1961. It works under the Department of Revenue in the Ministry of Finance. Central board of Direct Taxes(CBDT) is the apex body...
by Sinewave Team | Aug 26, 2024 | Taxation
PAN i.e. Permanent Account Number is a unique ten-character alphanumeric identifier number issued by the Income Tax Department to every individual who applies for the same upon verification of documents. PAN is used to keep a track of financial transactions done by an...
by Sinewave Team | Aug 25, 2024 | Taxation
Selling of an immovable property often requires ample of knowledge related to taxation, stamp duty valuation or capital gains etc. In order to ensure a hassle free property sale or purchase transaction, one has to evaluate correct valuation for accurate calculation of...
by Sinewave Team | Aug 24, 2024 | Taxation
Income Tax Act, 1961 has specified different types of taxpayers for taxation purposes. This includes individuals, HUFs, Partnership firms or companies etc. Every type of taxpayer is taxed at a different rate based on their status. Similarly, various types of...
by Sinewave Team | Aug 23, 2024 | Taxation
Tax planning consists of making certain adjustments in order to reduce tax liability in a legal and ethical way. Sometimes certain transfers of assets might be made to avoid tax liabilities for protection of revenues in certain cases. Specifically, section 281 of the...
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