Income Tax Act Related Articles

Oct - 2024

25

Section 148 of Income Tax Act

Section 148 of Income Tax Act

Section 148 of Income Tax Act Under Section 147 of the Income Tax Act, 1961, the Income Tax Department holds the authority to reassess previously filed income tax returns. If certain predefined criteria are met, the Assessing Officer may select your return for reassessment and issue an income tax n ...

Oct - 2024

17

Section 194JB of Income Tax Act: Definition, Applicability, & TDS rates

Section 194JB of Income Tax Act: Definition, Applicability, & TDS rates

Section 194JB of Income Tax Act: Definition, Applicability, & TDS rates The Section 194J (i.e. Fees for Professional or Technical Services) is divided into two sub-sections, 194J(a) and 194J(b), effective from August 7 2020. Section 194JB of Income Tax Act made provisions for Tax Deducted at So ...

Oct - 2024

16

Section 40A(3A) of the Income Tax Act: Implications of Cash Transactions in Business

Section 40A(3A) of the Income Tax Act: Implications of Cash Transactions in Business

Section 40A(3A) of the Income Tax Act: Implications of Cash Transactions in Business Under Section 40A(3) of the Income Tax Act, cash payments exceeding a specified limit are not allowed as deductible expenses. This provision encourages digital transactions and helps curb tax evasion. However, if a ...

Oct - 2024

10

Section 192A of the Income Tax Act

Section 192A of the Income Tax Act

Section 192A of the Income Tax Act The Employees' Provident Fund (EPF) is a savings scheme designed to help individuals build a retirement corpus. While it encourages savings, it is subject to taxation under Section 192A of the Income Tax Act. This section mandates Tax Deducted at Source (TDS) on p ...

Sep - 2024

06

Section 10 of the Income Tax Act: Exemptions & How to Claim?

Section 10 of the Income Tax Act: Exemptions & How to Claim?

Section 10 of the Income Tax Act: Exemptions & How to Claim? Section 10 of the Income-tax Act, 1961, provides several exemptions and allowances to reduce income tax burdens for taxpayers, particularly salaried professionals. Introduced by the Government of India, these provisions offer tax reba ...

Aug - 2024

27

Section 90 of the Income Tax Act: Relief from Double Taxation

Section 90 of the Income Tax Act: Relief from Double Taxation

Section 90 of the Income Tax Act: Relief from Double Taxation In a globally connected world, individuals and businesses often earn income from multiple countries. This international income can lead to a situation where the same income is taxed by more than one country, resulting in what's known as ...

Aug - 2024

12

Section 144B of Income Tax Act: Faceless Assessment

Section 144B of Income Tax Act: Faceless Assessment

Section 144B of Income Tax Act: Faceless Assessment Section 144B of Income Tax Act introduces a transformative approach to income tax assessments by emphasising transparency, efficiency, and accountability. Under section 144B, the Central Government's Faceless Assessment Scheme aims to eliminate th ...

Jul - 2024

09

Standard Deduction Under Section 16(ia)

Standard Deduction Under Section 16(ia)

Standard Deduction Under Section 16(ia) The Income Tax Act provides various avenues for claiming refunds and deductions, including the standard deduction under Section 16(ia). This deduction, applicable to salaried individuals and pensioners in India, allows taxpayers to reduce their taxable income ...

Jan - 2024

10

Best Ways to Save Income Tax for FY 2024-25

Best Ways to Save Income Tax for FY 2024-25

Best Ways to Save Income Tax for FY 2024-25 Effective tax planning is essential for reducing tax liabilities and enhancing income. The Income Tax Act outlines various deductions for investments, savings, and expenses incurred during a financial year. In this article, we will look into key methods f ...

Dec - 2023

23

Different Depreciation Rates under Companies & Income Tax Act

Different Depreciation Rates under Companies & Income Tax Act

Different Depreciation Rates under Companies & Income Tax Act Depreciation is a key concept in finance and accounting. It helps us manage how the value of assets changes over time. Think of it as a way to spread out the cost of an asset over its useful life. We use depreciation to account for t ...

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