This blog offers a thorough explanation of Section 135A of the Income Tax Act, which mandates that certain taxpayers include extra information about transactions with individuals outside of India in their tax audit report. The blog discusses Section 135A's requirements, such as who must comply, what information must be supplied, and the consequences of not complying. For taxpayers, chartered accountants, and tax professionals who need to know how Section 135A will affect their tax compliance responsibilities, it is a must-read.

This blog post provides an in-depth explanation of the income tax notice under Section 143(2) and the scrutiny process under Section 143(3). It covers the types of notices, consequences of ignoring, and time limits for issuing notices and final assessment orders, helping taxpayers navigate the complexities of the income tax laws.

This comprehensive guide provides taxpayers with a detailed understanding of ITR 7, including who is eligible to file, how to file, and important dates to remember. It also covers the penalty for late filing and frequently asked questions.

This comprehensive guide explains Section 148A(d) of the Income Tax Act, covering the procedure for issuing notice, conducting inquiries, and the implications for taxpayers. Get insights into the time limitation clause, approval of specified authority, and exceptions.

A thorough explanation of Section 57 of the Income Tax Act, which permits deductions against income subject to the "Income from other sources" head, is given in this article. It describes the several types of deductions that are permitted under Section 57, including as interest or dividends on tradable financial assets, employee contributions to welfare programs, costs related to rental revenue, and more. The purpose of the essay is to assist taxpayers in comprehending the nuances of Section 57 and in making well-informed decisions regarding their tax compliance and planning.

The Goods and Services Tax Network (GSTN) has introduced a new form, GSTR-1A, to simplify the GST filing process. This comprehensive guide provides expert advice on how to navigate the new form, make corrections, and ensure seamless reconciliation. Learn how to file GSTR-1A accurately, avoid common mistakes, and stay compliant with GST regulations.

This blog helps taxpayers stay on top of their responsibilities and avoid penalties by offering a thorough annual compliance calendar for TDS and TCS deposit and filing dates.

The Union Budget of 2024 introduced a new section in the Income Tax Act, 1961 - Section 194T. This provision mandates tax deduction at source (TDS) on certain payments made to partners of a firm, including salary, bonus, commission, interest, or remuneration. This blog provides a comprehensive guide to understanding the new TDS Section 194T, its implications, and compliance requirements. It covers the benefits and challenges of this provision, helping firms and partners navigate the new tax landscape.

The Union Budget 2024-25 has introduced significant changes to the Goods and Services Tax (GST) law, aiming to simplify and rationalize the tax regime. This blog post provides an in-depth analysis of the key changes, including amendments to Sections 13, 16, and 128A, and their implications on businesses and taxpayers.

In the 2024 budget, Finance Minister Nirmala Sitharaman introduced significant revisions to several critical tax sections, aimed at simplifying the tax regime and encouraging investment. Key changes include modifications to the angel tax provisions, Securities Transaction Tax (STT), Short-Term Capital Gains (STCG), Long-Term Capital Gains (LTCG), and adjustments to income tax slabs. These reforms are expected to have a substantial impact on taxpayers and investors, offering potential benefits and incentives for compliance and investment. This synopsis delves into the detailed changes and their implications for different stakeholders.

This blog provides an in-depth exploration of Section 50B of the Income Tax Act, focusing on the concept of slump sales. It explains the unique characteristics of slump sales, how capital gains are calculated, and the tax implications for both short-term and long-term gains. The blog also covers compliance requirements, exemptions, common misconceptions, and challenges, supported by real-life case studies. Essential for businesses and tax professionals, this guide aims to demystify Section 50B and provide clear insights into the taxation of slump sales.

This blog explores the details of Income Tax Act Sections 194I and 194H, clarifying the conditions for rent and commission payments that qualify for tax deduction at source (TDS). It addresses the following: application, rates, dates for deductions, deposit requirements, and the repercussions of noncompliance. It is imperative that taxpayers, business owners, and landlords who engage in commission transactions comprehend these parts to guarantee adherence to Indian tax regulations and prevent penalties. Continue reading to acquire a thorough grasp of TDS on commission and rent, along with useful examples and an overview of the main distinctions between the two parts.