# indiatax
12 posts in `indiatax` tag
Compliance with Section 206C(1H): A Must for Specified Persons
The Income Tax Act's Section 206C(1H) requires tax deduction at source, or TDS, on specific income kinds that are credited or paid to non-residents. Certain entities, including corporations, co-ops, and government agencies, must deduct TDS from certain types of revenue, including interest, rent, royalties, and technical service fees. TDS is normally present at a rate of 20%, though specific circumstances may cause this to change. Interest and penalties may be incurred for breaking Section 206C(1H) regulations.
Save Big on Taxes: Understanding Income Tax Allowances for Salaried Employees in India
An extensive guide on India's income tax benefits for salaried individuals for the fiscal year 2024 may be found in this blog post. It includes a number of allowances, including standard deduction, professional tax, perks, medical allowance, housing rent allowance (HRA), transportation allowance, leave travel allowance (LTA), and medical allowance. The article also discusses other Section 80C, Section 80D, and Section 24 deductions that are possible, such as interest on house loans, medical insurance, and investment-linked deductions. Salaried people can maximize their tax savings and reduce their taxable income by being aware of and utilizing these deductions and allowances.
CBDT's Latest Update on Income-Tax Clearance Certificate: What It Means for You
The Central Board of Direct Taxes (CBDT) has issued a clarification on the Income-Tax Clearance Certificate (ITCC), specifying the circumstances under which an individual is required to obtain one. This blog post breaks down the CBDT's clarification, explaining who needs an ITCC, when it's required, and the procedure to obtain one.
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.
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.
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.
Top Ten Amendments in India's Direct Tax System - Budget Proposal 2024–2025
The Budget Proposal 2024-25 has introduced several amendments to the direct tax regime in India. This blog provides a comprehensive guide to the top 10 amendments, including changes to standard deduction, angel tax, buyback tax, and more. Understand how these changes will impact you and plan your taxes accordingly.
Managing Medical Costs: An All-Inclusive Guide to Income Tax Act Section 80DDB
This blog post provides a comprehensive breakdown of Section 80DDB of the Income Tax Act, 1961. It explains what Section 80DDB is, what diseases are covered, who can claim the deduction, and how to claim it during tax filing. Additionally, the blog post highlights important points to remember, such as deduction limits, reimbursement impact, and required documentation.
Important Tax Deadlines for July 2024
As the first quarter of the 2024-25 financial year ends, it's essential for taxpayers and businesses in India to be aware of important tax deadlines in July 2024. This blog provides a comprehensive guide on critical due dates set by the Income Tax Department and GST authorities. It covers deadlines for TDS deposits, TDS certificates, income tax returns, and GST filings, helping you stay compliant and avoid penalties.
Demystifying Form 15G and Form 15H: A Complete Guide
This blog provides a detailed overview of Form 15G and Form 15H, outlining their significance, eligibility criteria, and the process for submission. It aims to help taxpayers in India understand these forms and manage their TDS effectively.
Demystifying Section 197A of the Income Tax Act: Exemption from TDS Deduction for Low-Income Individuals
Section 197A of the Income Tax Act provides relief to individuals with incomes below the taxable limit by allowing them to submit Form 15G or Form 15H to avoid TDS deductions. This blog explains the eligibility criteria, benefits, and the process of submitting these forms, along with the potential consequences of providing incorrect information.
Maximizing Tax Benefits: How to Claim Deductions Under Section 10AA of the Income Tax Act
Section 10AA of the Income Tax Act provides substantial tax deductions for units operating in Special Economic Zones (SEZs). This blog details the eligibility criteria, steps to compute the deduction, and the necessary compliance requirements for claiming these tax benefits. It covers the phased deduction structure, documentation needed, and the overall benefits of leveraging Section 10AA. Perfect for business owners and professionals looking to optimize their tax liabilities while promoting export-oriented growth.