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# income

12 posts in `income` tag

Comprehending Income Tax Act Section 115JB: Minimum Alternate Tax (MAT)

The Income Tax Act's Section 115JB establishes the Minimum Alternate Tax (MAT), which makes sure businesses pay a minimum tax even when they take advantage of exemptions and deductions. The goal of MAT, its applicability to both domestic and international businesses, its calculation method, the credit system, and important modifications such as exclusions for businesses falling under Sections 115BAA and 115BAB are all covered in this blog. It also looks at MAT's function in maintaining tax equity, particularly for companies with high book earnings but low tax obligations.

The Income Tax Act's Section 168A: Guaranteeing Relief in Unprecedented Times

Section 168A of the Income Tax Act provides relief to taxpayers during emergencies like pandemics or natural disasters by allowing the government to extend tax-related deadlines. This section helps avoid penalties and reduces the compliance burden when normal operations are disrupted. It was widely used during the COVID-19 pandemic to extend deadlines for filing returns and completing assessments. While it offers temporary relief, the extensions are time-bound and rely on government notifications. This provision ensures flexibility for taxpayers during challenging times.

Understanding Section 39 of the Income Tax Act: Powers of Tax Recovery and Asset Attachment

Tax authorities may seize and sell a taxpayer's assets in order to collect unpaid taxes, according to Section 39 of the Income Tax Act. Additionally, recovery against other parties holding assets on behalf of the taxpayer is permitted under this clause. To make sure taxpayers understand their obligations and the repercussions of tax defaults, the blog examines the essential components, recovery procedure, and consequences for non-compliance.

A Taxpayer's Guide to Understanding the AIS/TIS Framework

This blog article gives a full summary of the Annual Information Statement (AIS) and Tax Information Summary (TIS) for Assessment Year 2024-25. It describes the important improvements and modifications implemented by the Income Tax Department, such as additional information fields and enhanced accuracy. The site also teaches readers how to obtain AIS/TIS, comprehend its importance, and use it efficiently for proper income tax reporting.

Understanding Section 40A of the Income Tax Act: A Complete Guide

This blog gives a complete explanation of Section 40A of the Income Tax Act of 1961, with an emphasis on the disallowance of certain business costs. It describes the major provisions, the sorts of costs that can be rejected, and the percentage restrictions that apply to different enterprises. The blog also discusses exemptions for costs linked to scientific research, social welfare, and export promotion. It emphasizes the significance of compliance and demonstrates how excellent record-keeping may help businesses reduce tax liability under Section 40A.

A Comprehensive Guide to Understanding Section 40 of the Income Tax Act

This blog offers a thorough examination of Section 40 of the Income Tax Act of 1961, with an emphasis on the costs that companies and professions can deduct. Important clauses are outlined in it, such as payments to residents and non-residents, TDS obligations, and restrictions on director and partner salaries. Emphasis is placed on the necessity of compliance as well as the possible repercussions of non-compliance, including higher tax liabilities and prohibited costs. With the help of this thorough tutorial, taxpayers should be able to handle the complexity of Section 40 and keep proper tax records.

TDS Rates 2024: A New Era of Tax Relief and Economic Growth

This blog post offers a condensed explanation of the new TDS rates, which go into effect on October 1, 2024, along with lower tax deduction rates for certain kinds of payments. In order to assure compliance with the updated tax legislation, it assists businesses and taxpayers in comprehending the ramifications of the changed TDS rates and making wise judgments.

A Comprehensive Guide on Section 54F of the Income Tax Act: Optimize Your Tax Savings

Long-term capital gains are excluded from tax under Section 54F of the Income Tax Act if the profits are reinvested in residential real estate. This blog serves as a helpful resource for individuals and HUFs wishing to reduce their real estate investment taxes by outlining the exemption's goals, qualifying requirements, categories of assets covered, and the sequential application procedure.

A Step-by-Step Guide to Decoding TDS CPC Notice under Section 200A

This blog post provides a comprehensive guide to the TDS CPC Notice under Section 200A of the Income Tax Act, 1961, explaining the contents of the notice, the procedure for responding to the notice and the consequences of non-response. The article is intended to help taxpayers understand this important tax provision and take the necessary steps to avoid legal action.

FY 2023-24 Income Tax Audit Simplified

The income tax audit process for FY 2023-24 can be challenging, but with the right preparation, businesses and individuals can manage it effectively. This blog explores who is required to undergo an audit, how to prepare by gathering essential documents like Form 16 and Form 26AS, and the steps involved in the audit process. Engaging a Chartered Accountant (CA) is key to ensuring compliance with tax regulations. The audit process also provides opportunities for improving financial record-keeping, tax planning, and dispute resolution. This guide offers insights into navigating the audit process confidently.

Tax Savings with Section 54EC: Capital Gain Bonds Explained

By reinvested profits in government-backed capital gain bonds such as those issued by NHAI and REC, taxpayers can claim tax exemptions on long-term capital gains under Section 54EC of the Income Tax Act. These bonds provide a five-year lock-in duration, a safe investment alternative, and a maximum investment limit of Rs. 50 lakhs every fiscal year. This blog provides examples, answers to commonly asked questions, and an explanation of the requirements, advantages, and eligibility of Section 54EC.

Recognizing and Addressing Income Tax Department Unpaid TDS Notices

This blog article offers a thorough explanation of how to reply to TDS notices that are outstanding and are delivered by India's income tax department. It goes over the justifications for these notifications, how to verify them, and a methodical process for properly replying to them. The article also describes the various letters that the income tax agency may send you as well as how to stay out of trouble with the law.