Loss, in its simplest form, signifies the excess of expenses over income. It emerges when the income earned by a taxpayer in a financial year is lesser than the expenditure. Losses can manifest in various forms such as house property loss, capital loss, loss from...
In the realm of tax revenue, a significant trend is emerging as Personal Income Tax (PIT) is poised to surpass Corporate Income Tax (CIT) for the second consecutive year, according to recent data from the Income Tax department. This fiscal year, FY 2023-24, also anticipates...
In the realm of taxation, the concept of reverse charge mechanism (RCM) plays a crucial role, particularly when dealing with scenarios where outward supplies are exempt from tax. Understanding the applicability and implications of RCM on input services becomes essential for businesses operating under such...
When it comes to taxes, we're usually familiar with how income from salary, rent, and business activities are taxed. However, the taxation of profits from stock-related transactions often perplexes individuals, particularly those who engage in stock trading to supplement their income, such as homemakers or...
Delving into the intricate framework of Tax Deducted at Source (TDS) rules in India is crucial for individuals and businesses alike. TDS, a fundamental aspect of tax compliance, entails deducting a portion of income at the source before it reaches the recipient. This article aims...
In the realm of taxation, leveraging losses strategically can provide significant financial relief by offsetting taxable income. Understanding the provisions of income tax set-off and carry forward under the Income Tax Act is crucial for effective tax planning. This article explores the latest provisions, implications,...
Stay updated with our monthly newsletter The ReCap! Get updates on latest tax regulations, changes in tax laws and expert insights to navigate the complex world of taxation. Simplify your tax planning and ensure compliance. Click on the icon below to access the complete newsletter....
Stay updated with our monthly newsletter The ReCap! Get updates on latest tax regulations, changes in tax laws and expert insights to navigate the complex world of taxation. Simplify your tax planning and ensure compliance. Click on the icon below to access the complete newsletter....
TRACES, the TDS Reconciliation Analysis and Correction Enabling System, offers Indian taxpayers the opportunity to apply for reduced or zero TDS deduction if their TDS exceeds their tax liability as per the Indian Income Tax Law, thus potentially improving their cash flow....
The Government of India has officially announced the Finance Act, 2024. Enacted by the Parliament of India and receiving the President’s assent on February 15, 2024, the Finance Act aims to uphold the existing income-tax rates for the financial year 2024-2025. It introduces various tax reliefs...
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