Strategies for Stock Market Investors and traders in the stock market may have inquiries regarding the taxation of their revenue derived from the sale of shares. Individuals aim to minimize their tax liability and avoid possible penalties from tax authorities due to inaccurate income reporting. This article seeks to clarify the process for computing income…
The terms “Form 16” and “Tax Deducted at Source (TDS)” may appear complicated, but they hold significant importance for taxpayers in India. The Form 16 is a formal document issued by an employer which helps individual to get idea about its earning and deductions. Tax Deducted at Source (TDS), means the tax sum that is…
Double taxation is the term used for taxing the same income twice, which raises the total amount owed in taxes. Depending on whether this taxing process is carried out legally or economically, different people or businesses will be affected. The primary aim of Double taxation relief mechanism is to facilitate and enhance economic trade and…
Filing your Income Tax Return (ITR) on time is a legal requirement as well as a critical financial duty. What Happens If You Fail to File ITR On Time, Interest on Outstanding Tax and Loss of Tax Benefits and Ways to Avoid Late Filing. However, life may be hectic, and deadlines might fall through the…
The majority of general public who are taxpayers look forward to receiving their tax refunds on the way to put them to right use, inclusive of investing in an excellent plan or equities with excessive returns. Spending the tax refund on random costs is a decent use of the cash, however the use of it…
The Income Tax Act of India requires some companies to undertake a tax audit and file a tax audit report by a certain deadline. Failure to comply with this rule may result in a variety of penalties. Let’s look at the consequences of failing to file a tax audit report in India: Deductions disallowed The…
The globalized world we live in has facilitated cross-border mobility and financial transactions like never before. Non-Resident Indians (NRIs) play a significant role in this landscape, contributing to both their home country’s economy and the economies of their chosen foreign destinations. However, the complicated web of taxation can often be a cause of confusion for…
In the dynamic landscape of employee benefits and tax planning, Corporate National Pension Scheme (NPS) has emerged as a strategic tool for employers to not only offer valuable retirement provisions to their workforce but also optimize tax implications for both parties. This article delves into the concept of Corporate NPS and how it can be…
In the realm of taxation, losses are an essential part of businesses and investments. However, the positive aspect is that these losses can often be utilized strategically to offset taxable income and provide financial relief. Income tax set off & carry forward, understanding the provisions of loss set-off and carry forward under the Income Tax…
In the hustle and bustle of our daily lives, taking a break to unwind and recharge has become more important than ever. Recognizing the significance of work-life balance, many companies offer Leave Travel Concession (LTC) as a part of their employees’ compensation packages. Leave Travel Allowance not only supports employees’ travel aspirations but also comes…