# incometax
12 posts in `incometax` tag
CBDT's Relaxation of TDS/TCS Provisions
The Central Board of Direct Taxes (CBDT) has introduced a relaxation in Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) provisions for cases where the deductee or collectee has passed away before linking their Permanent Account Number (PAN) with Aadhaar. This relaxation provides relief to family members and heirs of deceased taxpayers who may be facing difficulties in obtaining the refund of excess TDS or TCS deducted or collected. In this blog, we will delve into the details of this relaxation and its implications on taxpayers.
-
By Krishna
Statutory Tax Compliance Tracker: An All-Inclusive Guide, August 2024
We offer a thorough statutory tax compliance tracker for August 2024 in this blog post to help financial professionals and businesses remember important deadlines. Important dates and forms for income tax, EPF, ROC, GST, and ESI compliance are included in the handbook. We also highlight important regulations and modifications, such as the latest labor law amendments and the GST Amnesty scheme. Businesses can avoid penalties, fines, and reputational harm by adhering to this tracker, which will guarantee seamless operations all month long.
-
By Krishna
TDS on Salary: An Extensive Guide on Income Tax Act Section 192
This article provides a comprehensive guide to TDS on salary and Section 192 of the Income Tax Act. It explains how TDS is calculated, deducted, and deposited with the government, and highlights the responsibilities of employers and employees. The article also covers tax exemption and deduction limits, making it a valuable resource for anyone looking to understand TDS on salary.
-
By Krishna
Understanding Section 156 of the Income Tax Act
Receiving an income tax notice can be a daunting experience, especially if you're unsure of what it entails. Section 156 of the Income Tax Act is a crucial provision that deals with outstanding tax demands. This blog post provides a comprehensive guide to understanding income tax notices under Section 156, including what it means, how to respond, and the consequences of delay.
-
By Krishna
Unlocking Section 80EEA's Benefits: A Comprehensive Guide to Affordable Housing
This blog offers a thorough explanation of Section 80EEA, an Indian tax deduction for first-time homebuyers. It describes the advantages, requirements for eligibility, and steps involved in claiming an interest deduction on home loans of up to Rs. 1.5 lakhs. The blog attempts to make affordable housing a reality and assist first-time homebuyers in understanding the provision.
-
By Krishna
Section 135A of the Income Tax Act
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.
-
By Krishna
Unlocking Section 10(13A) Benefits: An All-Inclusive Guide to House Rent Allowance (HRA)
This blog post provides a detailed guide to Section 10(13A) of the Income Tax Act, which allows salaried individuals to claim exemption on House Rent Allowance (HRA) received from their employers. The post covers the eligibility criteria, calculation, and documents required to avail this tax benefit, making it a valuable resource for individuals looking to optimize their tax planning.
-
By Krishna
.jpg)
Check Income Tax Refund Status Using PAN Card
This blog post walks you through the process of utilizing your PAN card to check the status of your income tax refund online. Discover how to keep track of the status of your refund and receive tax refund updates.
-
By Krishna
.jpg)
Sikkim's Tax Exemption History
This blog post delves into the history and implications of Sikkim's unique tax exemption, granted under Section 10(26AAA) of the Income Tax Act. It explains how residents of Sikkim are exempt from income tax and the conditions that apply, providing a comprehensive guide to this special provision.
-
By Krishna
Explaining Income Tax Notice Section 143(2): A Detailed Guide to Section 143(3) Scrutiny
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.
-
By Krishna
ITR 7: A Detailed Handbook for Taxpayers
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.
-
By Krishna
Section 148A(d) of the Income Tax Act: What You Need to Know
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.
-
By Krishna