Income Tax

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Income Tax Taxation

Understanding Advance Tax and Penalty Under Advance Tax...

Understanding Advance Tax and Penalty Under Advance Tax

Advance Tax is applicable on every self-employed businessperson, professionals, freelancers, whose income falls within the jurisdiction of Income Tax Act,...

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Income Tax

CBDT Extends ITR Filing Deadline to 31st October for Ta...

ITR filing Deadline

CBDT (The Central Board of Direct Taxes) has decided to extend the ITR Filing deadline and tax audit reports by one month. The last date has been extended...

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Income Tax Taxation

Get Clarity on the Difference between Tax Planning and...

Tax-Planning-&-Tax-Avoidance

Tax Planning is the process of reducing tax liability on taxpayers by making the maximum use of deductions, allowances, exemptions & relief provided un...

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Income Tax Taxation

Section 194-H of the Income Tax Act, 1961

Section-194HCommission-on-TDS (1)

Section 194-H of the Income Tax Act, 1961 deals with the deduction of TDS from commission or brokerage income. As per Section 194-H, the TDS has to be dedu...

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Income Tax Taxation

Corporate Tax Rate Cut to Increase the Manufacturing of...

Corporate-Tax-Rate-Cut-for-promoting-EV-part-manufacturing

India’s Electric Vehicles Industry is likely to receive a lot of support with the slashing of the Corporate Tax Rate on new manufacturing companies. ...

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Income Tax Taxation

Historic Tax Reform: Reduction in Corporate Taxes

Reduction in Corporate Taxes

In a recent announcement, the Finance Minister of India, Nirmala Sitharaman[1] slashed corporate tax rates. The government did reduction in corporate taxes...

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Income Tax

Various Penalties Mentioned Under Section 271(1)(C), In...

Penalties-under-Section-271(1)(c)

Income Tax Act, 1961 contains various provisions relating to penalties, fines & interest besides taxation of a taxpayer. Thus, for penalizing the defau...

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Income Tax Taxation

TDS on Non-Resident Indians: Section 195 of the Income...

Section-195-on-TDS

Introduction In the present era of globalization, there are minimal restrictions on the boundaries for business and their transactions.  Businesses ar...

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