# tax
12 posts in `tax` tag
GST Relief: Unlocking the Benefits of Section 128A for Taxpayers
The Union Budget 2024 has introduced a new Section 128A, offering relief to taxpayers with conditional waiver of interest and penalties for certain non-fraudulent GST claims. This blog provides a detailed guide to the amnesty provisions, benefits, limitations, and exclusions under Section 128A, helping taxpayers to understand and take advantage of the scheme.
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By Krishna
TDS on GST Invoices
This blog provides a comprehensive guide to understanding the Tax Deducted at Source (TDS) mechanism on GST bills. It covers who is liable to deduct TDS, how to calculate TDS, and the benefits and challenges of implementing TDS on GST bills. The blog also provides best practices for implementing TDS on GST bills and answers frequently asked questions.
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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.
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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.
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By Krishna
Understanding Section 122(1) of the GST Act: A Complete Guide
This blog provides a detailed analysis of Section 122(1) of the GST Act, outlining the various offenses and penalties related to GST in India. It covers supply-related offenses, tax evasion, and non-compliance, as well as registration and documentation-related offenses.
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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.
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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.
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By Krishna
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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.
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By Krishna
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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.
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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.
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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.
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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.
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By Krishna