Taxation

Shubham Chauhan

05 Dec, 2019

The Income Tax Department admits an inadvertent error in processing ITR filing of partners of firms. If a late ITR filing fee has been charged by error, th...

Priyanka Bajpayee

13 Nov, 2019

Introduction- At the time of submitting the TDS return a very common error that occurs is that the PAN of the applicant entered wrongly, which as a result...

Priyanka Bajpayee

25 May, 2023

TCS stands for Tax Collected at Source and, it is the tax payable by a seller which the seller collects from the buyer at the time of sale. Section 206C......

Priyanka Bajpayee

25 May, 2023

The Income-tax Department checks the income declared and tax paid by the person with the details available with them. As per the Income-tax Act 1961, if th...

Savvy Midha

23 Oct, 2019

The Income Tax Act, 1961, prescribes the time limit in the form of due dates for filing of the return, payment of advance tax, a deposit of TDS, etc. If......

Shreya Patel

20 Jul, 2023

Introduction Income Tax Act is a crucial legislation in India's taxation system. The main role of this act is the assessment and collection of income tax;...

Savvy Midha

23 Oct, 2019

Tax is the primary source of revenue for Government in India, and thus, various forms of income are taxable under the purview of the Income Tax Act[1]. How...

Savvy Midha

23 Oct, 2019

Any income earned by a Charitable or Religious Trust is exempted from the purview of taxation under Section 11 of the Income Tax Act. This section provides...