In today's world, where the development of rural areas is crucial for balanced economic growth, the government has introduced various provisions to incentivize businesses and professionals to contribute to rural…
The Income Tax Act, 1961, has undergone several amendments to ensure proper tax compliance and reduce instances of tax avoidance. Two significant amendments proposed to take effect from April 1,…
The Indian Income Tax Act, through Section 40, specifies amounts that shall not be deducted when computing the income chargeable under the head "Profits and Gains of Business or Profession."…
In the realm of income tax compliance, salaried employees often face unique challenges, particularly when it comes to managing Tax Collected at Source (TCS) and Tax Deducted at Source (TDS).…
The Income Tax Act of India continues to evolve to address the dynamic landscape of commerce and finance. Recent amendments to Sections 194-0 and 194F, set to take effect from…
The Finance Act, 2023, has introduced crucial amendments to the Income Tax Act, specifically targeting the provisions related to the set off and withholding of refunds. These changes aim to…
The Finance Act of 2021 introduced significant changes to the procedures for assessment and reassessment of income under the Income Tax Act, effective from April 1, 2021. These changes primarily…
In the realm of tax laws, Section 34 of the Income Tax Act is a significant provision that lays down the conditions for availing depreciation allowance and development rebate. This…