Debit Note vs Credit Note: Key Differences
Debit Note vs Credit Note: Key Differences Businesses use debit and credit notes as formal accounting documents to manage purchase returns and sales returns. These notes indicate to the buyer…
Section 11 of the Income Tax Act: Tax Exemption for Charitable Trusts
Section 11 of the Income Tax Act: Tax Exemption for Charitable Trusts To encourage the work of religious and charitable organizations, the Indian government offers tax exemptions under Section 11…
Section 80EEA – Additional Deduction on Home Loan Interest for Affordable Housing
Section 80EEA – Additional Deduction on Home Loan Interest for Affordable Housing Overview: Section 80EEA provides an extra deduction of up to Rs. 1.5 lakh per year on home loan…
Section 43B(h) of the Income Tax Act: Applicability, Due Date, Limit & Example
Section 43B(h) of the Income Tax Act: Applicability, Due Date, Limit & Example Section 43B(h) provides that any amount payable to Micro and Small Enterprises (MSEs) for goods supplied or…
Section 36 of the Income Tax Act: Deductions for Business Expenses
Section 36 of the Income Tax Act: Deductions for Business Expenses The Income Tax Act, 1961 provides several deductions to help taxpayers reduce their tax burden. Section 36 lists specific…
Section 112A of Income Tax Act – Long-Term Capital Gains on Shares
Section 112A of Income Tax Act – Long-Term Capital Gains on Shares Long-term capital gains (LTCG) on shares refer to profits earned from selling equity shares or units of equity-oriented…
Income Tax Clearance Certificate: Meaning, Importance & Download Process
Income Tax Clearance Certificate: Meaning, Importance & Download Process Certain transactions in India require obtaining an Income Tax Clearance Certificate (ITCC). This certificate, issued by the tax authorities, acts as…
Form DPT-3: Applicability, Purpose, Due Date & Penalty
Form DPT-3: Applicability, Purpose, Due Date & Penalty Form DPT-3 is a mandatory return of deposits that companies must submit, providing details of deposits as well as any outstanding loans…
Limited Liability Partnership (LLP) Registration in India
Limited Liability Partnership (LLP) Registration in India A Limited Liability Partnership (LLP) has emerged as a popular business structure for entrepreneurs in India, offering the combined advantages of a traditional…
Understanding Section 45 of the Income Tax Act
Understanding Section 45 of the Income Tax Act Section 45 of the Income-tax Act, 1961, serves as the primary provision for taxing capital gains. It specifies when capital gains become…
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