The inauguration of the Ram Mandir in Ayodhya is one of the most historic event of the decade, marking the end of around 70 year old legal dispute and beginning of a new chapter in country’s cultural and religious landscape. As devotees and well-wishers contribute towards the construction of temple, one question that often arises…
Interest on recognized provident funds plays a crucial role in the financial landscape, offering individuals a means to accrue additional income on their savings. Ever wondered if the sweet interest your Provident Fund (PF) earns gets the government attention? This blog cracks the code on recognized provident fund taxability, PF interest and taxes, explaining it…
Navigating the income tax filings is generally a difficult task, mainly when we need to follow several forms and processes. In case, you are wondering to know about the process of filing Form ITR 5, then you are at the right place. The comprehensive guide will break down the essentials, giving you a straightforward instruction…
The recent judgment by the Gujarat High Court 2023 Judgement relating to delayed tax refunds has generated substantial interest and discussions as it delves into the complexities of taxes. This ground-breaking ruling not only provides insight into the rights of individuals who pay taxes, but also establishes a model for handling delays in the distribution…
Do you have a pile of invoices from your smaller vendors? Beware, my friend, because a recent tax regulation has made delays in payments even more costly. Delays in settling bills for MSMEs can now have a detrimental impact on your profits due to the recent changes in Section 43B(h) of the Income Tax Act,…
When a business depends on shipment on time and budgets, managing freight expenses can be a hard thing to do. An internal audit of your freight expenses can be your map to cost-cutting treasure. Think of it as a detective story for your shipping costs, finding out hidden savings and making your supply chain run…
Got a stack of bills from your smaller suppliers? Hold on to your wallet, friend, because a new tax rule just made late payments sting a whole lot more. Section 43B(h) of the Income Tax Act is shaking things up, meaning delays in settling those MSME bills can now hurt your own bottom line. No…
It is essential for parents, guardians, or those who care about minors’ well-being to understand the complexities of determining the amount of income tax that minors are responsible for paying. This knowledge will greatly assist in managing their financial situation effectively. Tax considerations become a factor when individuals under the age of 18 generate income,…
Within the complex field of taxation, the Income Tax Appeal to CIT (A)Commissioner of Income Tax Appeals plays a vital role as a means for taxpayers to seek resolution and justice. This pathway offers individuals and businesses a chance to address and correct decisions made by lower authorities, when dealing with the intricate aspects of tax…
The concеpt of TDS payment was introducеd to collеct the tax from thе vеry sourcе of incomе. As pеr this concеpt, a pеrson (dеductor) who is liablе to makе paymеnt of spеcifiеd naturе to any othеr pеrson (dеductеe) shall dеduct tax at sourcе and rеmit thе same into thе account of thе Cеntral Govеrnmеnt. Thе…