COVID-19 is the biggest and worst pandemic seen by mankind. India is one of the worst effected countries by this pandemic. The government of India is trying all means and measures to make it possible for the country to stride through COVID-19. Government is giving medical facilities, economic aid and all other types of possible…

LLP stands for Limited Liability Partnership Firm. LLPs are formed as per provisions of LLP Act,2008. It is like a combination of Firm and a Company. LLP has got statutory compliances more or less like a Company. On the other hand, for taxation purpose it is treated like a partnership firm. In this article we…

NRI stands for Non-Resident Indian. These are people who have their roots attached to India, but are settled abroad somewhere. These people may have invested in property in India or might have their ancestral property in India. They may decide to sale such properties located in India. In this article we will discuss the Tax…

The income tax returns filed by any assessee are subject to the processing by Income Tax Department. There are different provisions for assessment and scrutiny in the Income Tax Act. Now, in this article our scope of discussion will be powers/jurisdiction of Assessing Authorities for Reassessment u/s 147. As per Section-147, an assessing officer has…

Residential status plays an important role in determining the taxability of income. Act has laid down clear provisions to determine the residential status. These provisions are based on total stay in India, origin of the person etc. So let’s see in detail that what the concept of Residential Status under Income Tax is Contents Meaning…

Income Tax return is a well recognised income proof. So, filing an income tax return is very important for all. As per law the return of income should be filed when the taxable income exceeds more than the basic exemption limit. Then you may think that why we are writing about something which is not…

Before 2020, Non-Resident Indian(NRI) and persons of Indian origin included people who have visited India for less than 182 days in a financial year.  But this was reduced to 120 days for all Non-residents. This reduced period only applies if the income generated in India is more than Rs. 15 lakh in India. India has…

With the economic growth, the transactions between Indian taxpayers and non-residents are increasing. For all these transactions, the taxation on all the sums which are payable to the non-residents is deducted at source. The payee is bound to pay the tax deduction at source (TDS) at specified rates. This has been dealt in Chapter XVII-B…

MAT stands for Minimum Alternate Tax. As the name suggest, it means minimum tax that any company needs to pay if other conditions are satisfied. Just like MAT has been introduced for companies, AMT (Alternate Minimum Tax) is brought for certain other entities. In this article we will discuss about MAT Credit Concepts and its…

As date of filing income tax return is approaching, there is a conscious thought in everybody’s mind that how to take maximum benefit of the provisions of Income Tax Act, so as to minimize tax liability for the AY 2021-2022. At present, the qualified youth of the country is mostly employed in service sector due…

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