Tax planning is a financial procedure that looks at taxation options to determine the conduct of business to reduce or eliminate taxes. Tax planning is extremely important for new business entities to be set up in India and has become extremely important after increasing market competition and post-pandemic implications. To achieve the desired goal, professional…
Section 148 of the Income Tax Act 1961 gives the income tax department the power to issue a notice for the reassessment of income tax returns. This notice can be issued if the income tax department has reason to believe that an individual or entity has not fully disclosed their income or has underreported it….
The Finance Act of 2021 introduced Section 194P to the Income Tax Act of 1961. This new section deals with the TDS (Tax Deducted at Source) obligations of specified senior citizens. The government introduced this provision to provide relief to senior citizens aged above 75 years and to make the income tax compliance process more…
Set off and withholding of income tax refunds are two mechanisms used by the Income Tax Department to recover outstanding tax liabilities from taxpayers. In certain cases, the department may withhold the refund due to a taxpayer and use it to offset any outstanding tax liabilities. This article will explore the concept of setting off…
The Income Tax Act, 1961 provides various tax-saving options to taxpayers. Among these options, deductions under Section 80C, 80CCC, and 80CCD are some of the most popular ones. These deductions are available to individuals and Hindu Undivided Families (HUFs) who invest in certain specified instruments. In this article, we will discuss Deduction under Section 80C,…
Filing Income Tax Returns (ITR) is a crucial step in fulfilling one’s duty as a citizen and also avoids legal issues in the future. In the era of digitization, the Indian government has introduced an e-filing facility to make it convenient for taxpayers to file their ITR. However, e-filing does not end the process, and…
Professional Tax is a tax levied by the state government on individuals and entities engaged in various professions, trades, and employments. It is a state-specific tax, and hence, the rates, slabs, and regulations vary from state to state. Professional Tax is a source of revenue for state governments and is also used for the development…
A windfall tax is a surtax imposed by governments on businesses or economic sectors that have benefited from economic expansion. The purpose is to redistribute excess profits in one area to raise funds for the greater social good; however, this can be a contentious ideal. Flexible Windfall Tax in India is a tax levied by governments…
Income tax is an essential source of revenue for the government to meet the expenses of running the country. It is a legal obligation for every citizen to pay income tax on their income as per the income tax laws of the country. Taxpayers need to file tax returns and get them audited by a…
One of the critical aspects of taxation in India is the Goods and Services Tax (GST) regime, which has radically transformed the country’s indirect tax system. As per the CGST Act, 2017 every registered taxpayer is required to maintain proper records and books of accounts to comply with the law’s provisions. Furthermore, the government mandates…