How To Fill Form 10E To Claim Relief Under Section 89(1)?
Relief Under Section 89(1) of the Income Tax ActSection 89(1) of the Income Tax Act provides relief for income received in arrears or in advance due to changes in taxation…
Form PAS-6
Form PAS-6: Reconciliation of Share Capital Audit ReportForm PAS-6 is a half-yearly report required from unlisted public companies, detailing changes and status of share capital. This form must be submitted…
Quick to Correct Form 26QB Online on the TRACES Website
Form 26QB plays a crucial role in the deduction of Tax Deducted at Source (TDS) for property sales. Despite its importance, errors can occasionally occur during its submission. If you…
Advance Tax Under Income Tax Act, 1961
Learn about Advance Tax according to the Income Tax Act, 1961. Understand compliance procedures, methods for revising income estimates, key deadlines, exemption criteria, applicable tax rates, and the steps to…
F&O Taxation in India: A Complete Guide for Traders on Filing Returns
For years, F&O traders faced tax audits simply because their turnover exceeded ₹10 Crore. This was due to the formula used for calculating trading turnover, which included option premiums, often…
Cancellation of registration under GST
You can cancel your GST registration if your business is no longer subject to GST rules, you are closing down your business, or if a tax officer initiates the cancellation.…
Leave Encashment – Tax Exemption, Calculation & Formula With Example, Rules
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…
Introduction to Transfer Pricing in India
Transfer pricing regulations in India encompass both domestic and international transactions that surpass a specified threshold in terms of transaction value. The provisions for transfer pricing were incorporated by adding…
Transfer Pricing – Objectives and Approaches
Transfer pricing refers to the valuation assigned to goods or services exchanged between affiliated entities. Put simply, it represents the price paid for goods or services transferred from one division…
Books of account to be maintained by the trusts or institutions
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),…
Tax Liability of a NRI
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…
Everything about SFT
Section 285BA of the Income Tax Act, 1961, governs the requirement for specified persons, assesses, prescribed officers, and authorities to furnish Statement of Financial Transactions (SFT).The concept of SFT was…
Documents to be maintained by NGo or trust
The Central Board of Direct Taxes introduced Rule 17AA through Income Tax Notification No. 94/2022 dated August 10, 2022. This rule outlines the specific books of account and other necessary…
CBDT notifies books & other documents to be maintained
According to the Income-tax Act, regular taxpayers must uphold and audit their books of accounts. Section 44AA outlines the necessity to maintain these accounts. However, the Act does not specifically…