With the introduction of e-filing, income tax return compliance for private trusts has become more structured. However, trustees often face confusion regarding: The correct method of tax computation Whether beneficiaries…
The Finance Act, 2021 significantly overhauled the reassessment framework under Section 147 of the Income-tax Act, 1961, replacing the earlier provisions relating to income escaping assessment. Before understanding Section 147,…
Reasons to Hire a Local Chartered Accountant for Tax Filing The Income Tax Act, 1961 governs India’s taxation system and requires taxpayers to disclose detailed information about their income, deductions,…
For the Financial Year 2025–26 (Assessment Year 2026–27), the Income Tax Department has prescribed different ITR filing due dates based on the category of taxpayer and the applicable ITR form.…
Understanding the provisions of the Income-tax Act, 1961 is crucial for consultants to ensure proper compliance and effective tax planning. Familiarity with the applicable tax rules helps consultants manage their…
Being a freelancer in India means handling more than just client work and deadlines—you also need to deal with tax compliance, especially when you earn from international clients. Foreign payments…
The presumptive taxation scheme makes income tax compliance easier for small businesses, professionals, and freelancers by allowing them to declare income at a fixed percentage of turnover, without the need…
How to Manage Income Mismatch in ITR Filing An income mismatch in ITR filing arises when the income reported by a taxpayer differs from the information available with the Income…
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 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…