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.

This guide unravels the complexities of income tax assessments in India. Learn about the different types of assessments, including self-assessment, scrutiny assessment, and summary assessment. Understand how each assessment works and what to expect from the Income Tax Department. The guide also emphasizes the importance of timely and accurate ITR filing to avoid assessments before an Assessing Officer.

To meet their banking needs, many people, including those with regular salaries, often open savings accounts to keep their money safe and earn interest.

The forthcoming interim budget on February 1, 2024, may witness an increase in the tax exemption limit, with the government potentially introducing a new finance bill for this adjustment.

To implement this, the GSTN (GST Network) plans to assign the task to the next technology vendor for the GST portal, as the current service provider, Infosys, has a contract that expires on September 30, 2024.