Section 263 Income Tax: Revision of Order by Commissioner
Modern tax administration relies not only on the compliance of its taxpayers but also on the robustness and fairness of its assessment processes. As part of this system, Section 263…
Guide to Director’s Remuneration in India: Limits, Conditions etc. (Section 197 & 198)
Understanding the intricate details of directors’ remuneration is crucial for ensuring compliance and fostering a transparent corporate environment. The Companies Act, 2013, along with subsequent amendments, stipulates a comprehensive framework…
Learn All About Form 26AS in Income Tax
Form 26AS, also known as the Tax Credit Statement, is a crucial document for every taxpayer in India. It serves as a comprehensive record of taxes deducted from your income…
Annual Information Statement (AIS): Detailed Understanding
In the realm of taxation, transparency and detailed reporting are crucial for both taxpayers and tax authorities. The Annual Information Statement (AIS), introduced by the Indian Income Tax Department, represents…
All About Sections 269SS & 269T of Income Tax Act
In today’s digital era, the mode of conducting financial transactions has dramatically evolved from the traditional cash-only dealings to include a plethora of digital payment options such as net banking,…
Difference Between TDS and TCS Explained
The Indian tax system is meticulously designed to ensure effective tax collection. Two fundamental mechanisms contributing to this system are TDS (Tax Deducted at Source) and TCS (Tax Collected at…
Section 194R TDS on Benefits or Perquisites in respect of Business or Profession
In the ever-evolving landscape of taxation in India, Section 194R of the Income Tax Act stands out as a significant addition introduced in the Union Budget of 2022. This section…
Know All About Tax on Dividend Income
Dividend income is a significant form of revenue for investors, stemming from investments in shares or mutual funds. These payments are essentially a portion of a company’s profits, distributed to…
Suo Moto Cancellation of GST Registration: A Comprehensive Guide
The Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax system in India. It replaced several cascading taxes levied by the central and state governments. For businesses exceeding…
Income Tax on Withdrawals from EPF
The Employees’ Provident Fund (EPF) stands as a pivotal component of retirement planning for salaried employees in India. Governed by the Employees’ Provident Fund Organisation (EPFO), this scheme not only…
A Comprehensive Guide to Navigating Cryptocurrency Taxes in India 2024
Cryptocurrency, an innovation of digital technology, is swiftly ushering in a new era in the financial world. Defined as a decentralized digital asset and a medium of exchange, it operates…
Rule 86B of CGST Rules: Restrictions on Input Tax Credit Utilization Explained
The realm of Goods and Services Tax (GST) in India has been continually evolving to plug loopholes and enhance compliance, ensuring a robust taxation environment. One important component of GST…