All losses incurred as a result of exempted sources of income cannot be set off against taxable income. If an income source is exempt, the loss cannot be set off against taxable income. In this article we’ll discuss about the Set-off and Carry Forward of Losses for Five Heads of Income. Before we move ahead let us…
Too many concerns surround the topic of NRO to NRE Fund Transfer, adding to NRIs’ concern. The notion of NRO to NRE Transfer necessitates familiarity with both of these NRI Banking Accounts in particular, as well as an awareness of the underlying elements related with the fund management of these accounts. In this article we’ll…
The government has introduced a presumptive taxation scheme under section 44AD of the Income Tax Act to assist minor taxpayers. Taxpayers who carry out any business other than the hiring, rent, and lease referred to in section 44AE of the Act. 2021 Budget Review: Section 44ADA applies to all Indian resident assessees. For now, it…
In today’s environment, doing business has changed to the point where concentrating and focusing on one area is no longer sufficient. Most medium and large enterprises have become so diverse that they now run many businesses in different industries. As a result, a single company could contain multiple parts or undertakings. In which, each with…
Every assessee who earns more than the basic exemption limit in a Fiscal Year (FY) is to file a statement detailing his income, deductions, and other relevant information. This is known as the Income Tax Return (ITR). The Income Tax Department will process your income tax returns after you file them as a taxpayer. There…
In India, agriculture is the most common occupation. For India’s enormous rural population, it is frequently their only source of income. For its fundamental food requirements, the country as a whole is completely reliant on agriculture. The government has a variety of programs, laws, and other measures in place to encourage growth in this industry,…
Any entity making a payment to a third party must deduct tax at the source and deposit the funds with institutions authorized to collect taxes on behalf of the government. They must also provide the Income Tax Department with TDS returns and challan information. In this article, we’ll discuss Tax Deducted at Source under Income…
If the Assessment Officer (AO) discovers cash receipts or cash deposits in the assessee’s bank account and the assessee is unable to satisfactorily explain them to the Assessment Officer, the assessee attempts to explain that such cash deposits or a portion of them are made from withdrawals from the same cash book or bank account…
A tax is a government-imposed contribution to a state’s revenue that is levied on employees’ wages and business profits or added to the cost of certain goods, services, and transactions. Taxation is a mechanism for governments to recoup their costs by levying fees on citizens and businesses. The Internal Revenue Service (IRS) or a state…
A dividend is a payment by a corporation to its shareholders from its profits. A dividend distribution tax was a levy imposed on a corporation’s dividend payment to its shareholders. The DDT was repealed by the Finance Act of 2020, reverting to the traditional taxation system, in which dividends are taxed in the hands of…