Property sellers are prohibited by Section 50C of the Income Tax Act from undervaluing real estate transactions in order to avoid paying taxes. If the stamp duty value is more than the real consideration, this clause treats it as the considered selling price. This blog offers a thorough explanation of Section 50C's operation, as well as its consequences for capital gains, exemptions, dispute settlement procedures, and the safe harbor limits that have been included in more recent modifications.

This blog covers the fundamentals, advantages, and deadlines of India's advance tax system in great depth. It also provides advice on how to maintain tax law compliance and describes the repercussions of failing to pay advance tax. This tutorial will assist both individuals and businesses in comprehending and navigating India's complex tax structure.

The Income Tax Act has provisions called Sections 269SS and 269T that limit cash transactions for loans and deposits over Rs. 20,000 in an attempt to prevent tax evasion and encourage transparency. Such amounts cannot be accepted in cash according to Section 269SS, and cash repayment is limited according to Section 269T. Penalties for noncompliance may equal the cost of the transaction. This blog offers a thorough explanation of each of these areas, as well as helpful advice on how to comply.

The informal sector accounts for a significant portion of India's economy, but the implementation of GST has presented several challenges for these businesses. This blog explores the challenges of implementing GST in the informal sector and provides solutions for ensuring GST compliance and accessing the benefits of the formal economy.

Confused about tax deadlines? This blog cuts through the jargon and clarifies the difference between Financial Year (FY) - your income earning period - and Assessment Year (AY) - when taxes are assessed and filed. Master these tax terms and ensure a smooth tax season!