Individuals often encounter the need to rectify or revise salary details in their E-TDS returns after submission. Here’s a comprehensive overview on how to go about this process....
In both the GST regime and its predecessor, Input Tax Credit (ITC) on exempted supplies of goods or services is subject to reversal and is not eligible for availment. Among these exempted supplies are sales of shares and mutual funds. This blog delves into the...
In the fast-paced world of digital commerce, taxation rules are continually evolving to keep pace with technological advancements. Section 194O of the Income Tax Act is one such provision that has significant implications for E-commerce operators and participants. Let's explore the key aspects of this...
Salaried individuals who reside in rented accommodations have the opportunity to leverage House Rent Allowance (HRA) as a strategic tool for tax planning, potentially reducing their tax liabilities either partially or in full....
In exploring tax-saving strategies, Section 80C stands out as a cornerstone for taxpayers aiming to reduce their taxable income. This section offers a plethora of investment avenues, providing individuals and Hindu Undivided Families (HUFs) with the opportunity to save up to ₹1,50,000 annually....
Understanding the concept of deemed ownership under Section 27 of property laws is crucial for individuals navigating property transactions and taxation in India. This legal provision outlines scenarios where individuals are considered owners of property despite not holding legal title. Whether it's transfers to spouses,...
In the realm of Indian taxation, Section 194IB of the Income Tax Act holds significance, particularly in the domain of tax deductions concerning rental payments. Initially enacted to encompass joint development agreements within its scope, this section brings forth obligations regarding Tax Deducted at Source...
In the realm of tax management, deductions serve as valuable tools, offering individuals avenues to lessen their taxable income. Among these, the standard deduction emerges as a prominent strategy, providing a simplified approach to reduce tax liabilities without the hassle of itemizing expenses. This article...
Health insurance serves as a crucial shield against the uncertainties of medical emergencies. To incentivize the adoption of health insurance, the Government of India has instituted tax benefits under Section 80D of the Income Tax Act....
This blog delves into the nuanced understanding of how gains or losses arising from the sale of securities are classified, whether as 'Business Income' or 'Capital Gain'. The key question here revolves around whether an assessee chooses to categorize the sale of securities as income...
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