Income Tax Raid, Search and Seizure: What, When, and How
Income Tax Raid, Search and Seizure: What, When, and How Under Section 132, Income Tax Raids or Search and Seizure actions are initiated by senior officers of the Income Tax…
Guidelines on TDS Under Section 194S of the Income Tax Act – Simplified
Guidelines on TDS Under Section 194S of the Income Tax Act – Simplified Section 194S of the Income Tax Act mandates a 1% TDS on the transfer of Virtual Digital…
How to Save Tax on a Salary Above ₹12 Lakhs?
India follows a progressive tax system, where tax rates rise as income increases. By understanding the available tax-saving options, you can lower your overall tax outflow. Various deductions and exemptions…
Section 194Q of the Income Tax Act: TDS on Purchase of Goods, TDS Rate, Example, and Turnover Limit
Section 194Q of the Income-tax Act, 1961 covers the deduction of Tax Deducted at Source (TDS) on the purchase of goods. Under this provision, the buyer must deduct TDS at…
Section 195 of Income Tax Act – TDS Applicability for NRIs
Section 195 of the Income Tax Act, 1961 governs the deduction of Tax Deducted at Source (TDS) on payments made to Non-Resident Indians (NRIs) or foreign companies. Whenever an Indian…
Penalty for Late Filing of Income Tax Return
Taxpayers must file their Income Tax Return (ITR) reporting the income earned and clearing their tax liabilities for the previous financial year. The Income Tax Department specifies due dates for…
Section 80E of Income Tax Act: Deduction for Interest on Education Loan
Section 80E of the Income Tax Act, 1961 allows taxpayers to claim a deduction on the interest paid on education loans taken for themselves or their relatives. What is Section…
Section 80C of the Income Tax Act – Complete 80C Deduction List
Section 80C allows taxpayers to claim deductions of up to ₹1.5 lakh on eligible investments and expenses. These include contributions towards life insurance premiums, Public Provident Fund (PPF), home loan…
Input Tax Credit (ITC) under GST
For finance professionals, optimizing every rupee is crucial. Managing tax liabilities and improving cash flow are key responsibilities, and this is where Input Tax Credit (ITC) becomes more than just…
Section 43B of the Income Tax Act, 1961
Section 43B of the Income Tax Act specifies certain expenses that can be claimed as deductions under the head ‘Income from Business and Profession’. It states that some expenses are…