In this comprehensive guide, we delve into the intricacies of calculating depreciation on the Written Down Value (WDV) of a block of assets under the Income Tax Act. Depreciation is a key component of financial management, representing the gradual wear and tear of assets over time. This blog explores the essential elements involved in WDV depreciation calculation, including the initial cost of assets, residual value, useful life, and prescribed depreciation rates. Through practical examples and step-by-step explanations, we equip taxpayers with the knowledge needed for accurate financial reporting and tax compliance. Understanding how to calculate depreciation correctly ensures businesses can effectively manage their asset values and adhere to tax regulations

This blog post serves as a one-stop resource for businesses in India navigating the Goods and Services Tax (GST) regime. It provides a clear understanding of various GST return types and their applicability. The core focus is on the crucial due dates for filing GST returns in June 2024. A well-organized table summarizes the deadlines for each return type, along with a brief description and applicability criteria. The blog emphasizes the importance of staying updated on potential changes to these deadlines by referring to the official GST portal.

Filing your income tax return for the Assessment Year 2024-2025 can be simplified with a clear understanding of Note 7A. This comprehensive guide explains how to accurately report income from other sources, claim deductions under Chapter VI-A, declare exempt income, and provide details about foreign assets and income. By following this step-by-step approach, taxpayers can ensure compliance with tax laws, minimize errors, and avoid potential issues with the tax authorities. Whether you're dealing with interest income, dividends, foreign assets, or various tax deductions, this guide has you covered for a smooth and successful tax filing experience.

Tax evasion and tax fraud are two common forms of tax-related crimes. While they may seem similar, they have distinct meanings and consequences. Tax evasion involves the use of illegal means to avoid paying taxes, while tax fraud involves the intentional misrepresentation of information on a tax return. This blog post explores thedifferences between tax evasion and tax fraud, and the importance of reporting tax evasion.

The new scrutiny guidelines for ITRs (FY 2024-25) provide transparency in the tax department's functioning and bring in a data-driven approach for identifying cases for scrutiny assessment. This blog post demystifies the new scrutiny guidelines for ITRs (FY 2024-25) and provides a comprehensive guide for taxpayers to ensure that they are compliant with the tax laws and avoid any potential scrutiny.

Section 270A of the Income Tax Act imposes penalties on taxpayers who under-report or misreport their income. This blog post provides a detailed explanation of the provisions of Section 270A, including the definition of under-reported income, the instances of under-reporting, and the calculation of the penalty. It also discusses the consequences of non-compliance and provides tips for avoiding penalties.

Form 61A is a statement of specified financial transactions (SFTs) under Section 285BA of the Income Tax Act, 1961. It is used to capture information on certain high-value transactions as prescribed in the Income Tax Act. This blog post covers the details of Form 61A, the transactions that should be reported, the format of the form, and the consequences of non-compliance.

This blog post will provide a detailed comparison of Section 80TTA and Section 80TTB of the Income Tax Act, 1961. The post will cover the key differences between the two sections, including their eligibility criteria, deduction limits, and the types of accounts that qualify for deductions. The post will also provide a brief overview of the Income Tax Act and the role of deductions in reducing tax liability.

Discover the ins and outs of Section 80TTA of the Income Tax Act, 1961, and how it benefits individual taxpayers and HUFs by offering tax deductions on interest income from savings accounts.

Maintaining accurate and up-to-date books of accounts is essential for income tax compliance and financial management. This article explores the importance of maintaining books of accounts for income tax purposes, including the benefits, legal requirements, and best practices for record-keeping. By following best practices for record-keeping, businesses can ensure compliance with income tax laws and regulations, improve financial transparency, and make informed decisions for growth and success.

Highlights upcoming deadlines for income tax compliance and GST filing. It emphasizes the need for prompt action to avoid potential penalties and legal issues.

In a move to strengthen tax compliance and curb evasion, the Central Board of Direct Taxes (CBDT) in India is mandating "reporting entities" like banks, fintech companies, and property registrars to submit details of all high-value transactions conducted during the financial year 2022-23. This blog post explains what this means, who it affects, and why the CBDT is taking this step.