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.

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.

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.

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.

The Income-tax Act, 1961's Section 139(8A), which addresses the filing of late income tax returns in India, is thoroughly examined in this blog. The blog is a thorough resource for taxpayers and tax experts, covering the background, salient points, ramifications, and commonly asked issues around this rule.

This blog covers the fundamentals, advantages, and deadlines of India's advance tax system in great depth. It also provides advice on how to maintain tax law compliance and describes the repercussions of failing to pay advance tax. This tutorial will assist both individuals and businesses in comprehending and navigating India's complex tax structure.

An extensive guide on Form 8, which is essential for claiming tax exemptions and deductions in India, may be found in this blog post. It walks readers through the significance of Form 8, shows them how to complete it, and offers examples to help them maximize their tax savings.

This blog post provides a comprehensive guide to Scrutiny Assessment under Income Tax Section 143(3), including its purpose, time limit, notice, and hearing process. It helps taxpayers understand the importance of complying with the income tax laws and avoiding penalties.

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.

The Income Tax Department has issued a cautionary notice to taxpayers regarding the importance of correct and accurate ITR filing. This blog post explains the significance of accurate tax returns, the consequences of incorrect filing, and provides tips on how to ensure accurate ITR filing. Read on to understand the notice and its implications for taxpayers.

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.

The Central Board of Indirect Taxes and Customs (CBIC) has announced a major benefit for small businesses in India. They are exempt from filing the annual GST return (GSTR-9) for the financial year 2023-24, if their turnover is up to Rs. 2 crore. This blog explores the implications of this exemption, its advantages for small businesses, and who still needs to file GSTR-9.