In the realm of income tax, timely compliance is crucial for individuals and businesses alike. Section 80AC of the Income Tax Act plays a key role in ensuring that taxpayers…
Section 80AB of the Income Tax Act, 1961, is a pivotal provision that ensures deductions under Chapter VI-A are based on net income rather than gross income. Introduced by the…
The Indian Income Tax Act offers numerous provisions under Chapter VI-A (Sections 80C to 80U) that allow taxpayers to claim deductions and reduce their taxable income. One of the most…
Tax Deductions: When it comes to running a trade, professional, or similar association, managing finances effectively is crucial, especially when the primary objective is to advance the common interests of…
Introduction Section 43B(a) of the Income Tax Act, 1961, is a critical provision that ensures that taxpayers can only claim deductions for certain expenses, including taxes, duties, cess, or fees,…
The landscape of tax laws in India is continually evolving, with various amendments reflecting changes in the economic environment. One such significant amendment was the omission of Section 36(1)(x) of…
Introduction The Indian Income Tax Act has been continuously evolving to address the complexities of tax compliance and improve the ease of doing business. One significant proposal on the horizon…
Introduction In a move to enhance tax compliance and broaden the tax base, the government has proposed the introduction of a new section, 194T, in the Income Tax Act. This…
Tax Deducted at Source (TDS) is a critical mechanism in the Indian taxation system, ensuring the collection of tax at the very source of income. However, with multiple thresholds and…