Section 10 Of Income Tax Act_ Exemptions, Allowances & How To Claim It

Hello Folks!!!Today, we are going to discuss about the Section 10 of Income Tax Act,The Government of India offers various exemptions to help reduce your income tax burden. Section 10…

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Leave Encashment – Tax Exemption, Calculation & Formula With Example, Rules

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  • Post last modified:18/08/2024
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Leave Encashment - Tax Exemption, Calculation & Formula With Example, RulesHave you heard of the term ‘leave encashment’?Leave encashment is a familiar concept among salaried individuals, allowing employees to convert…

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Books of account to be maintained by the trusts or institutions

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  • Post last modified:18/08/2024
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Rationalisation of the provision of Charitable Trust and Institutions The income earned by funds, institutions, trusts, universities, educational institutions, hospitals, or medical institutions falling under sub-clause (iv), sub-clause (v), sub-clause (vi),…

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Tax Liability of a NRI

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In India, an individual's tax responsibility depends on their residential status, categorized into three types according to the Income Tax Act 1961: Resident (ROR) Resident but Not Ordinarily Resident (RNOR) Non-Resident (NR) Non-Resident Indian…

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Checklist for Incorporation of Foreign Subsidiary/WOS in India

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  • Post last modified:18/08/2024
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The following information is necessary for the incorporation of WOS (Wholly Owned Subsidiary).Authorized Share CapitalPaid-up CapitalPer share value (Face value)Number of ShareholdersRegistered Office AddressPhone No. & Mail id of the…

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All about statement of financial transaction and reportable accounts

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  • Post last modified:24/05/2023
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Searching for the statement of financial transactions & reportable accounts?? Then, you’ve come to the right place!! We have discussed all things below. Basic Provisions (statement of financial transaction) Under…

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Read more about the article How to claim exemptions from Long Term Capital Gains
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How to claim exemptions from Long Term Capital Gains

How to claim exemptions from Long Term Capital Gains Long Term Capital Gains are defined as profits on sale of assets (movable or immovable) which have been held for: 3…

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Read more about the article Situations of GST refund and process
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Situations of GST refund and process

GST refund is a procedure in which a taxpayer wants to get the amount, which is in excess of the GST liability, refunded to his/her account.

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Read more about the article Tax on property sale in India
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Tax on property sale in India

Tax on property sale in India attract various taxes such as Gains, Cess and TDS which is to be calculated and paid while selling the property. These taxes are to…

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Startup Registration India – 7 Steps to Register your Startup

India is experiencing a significant surge in startups, driven by innovation and entrepreneurial spirit. The government is actively supporting young entrepreneurs through various initiatives to promote startups, which in turn…

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How To Download And Fill Form 26QB For TDS Payment On Purchase/Sale Of Property

The Income Tax Department introduced the Tax Deducted at Source (TDS) system to facilitate quick and efficient tax collection. According to the Finance Act of 2013, individuals or Hindu Undivided…

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Why Hiring a Local Chartered Accountant is Essential for Hassle-Free Tax Filing

The Income Tax Act of 1961, which governs the Indian tax system, mandates taxpayers to disclose detailed financial information, including their income, deductions, and investments, while filing taxes. The process…

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GST Registration for Small Businesses: New Guidelines & How GST Affects Small Businesses

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  • Post last modified:05/01/2025
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GST Registration for Small Businesses: New Guidelines & How GST Affects Small Businesses The Goods and Services Tax (GST) helps small businesses by replacing the old and complicated tax systems…

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