TDS Compliance Here are some key features and services offered by the TDS compliance portal in India: 1.TDS Statement Filing: Taxpayers can file their TDS statements, including Form 24Q, 26Q, 27Q, and 27EQ, electronically through the TRACES portal. These statements contain details of tax deducted and deposited by the deductor. 2.TAN Registration:… Read More »
ITR with Balance sheet No, it is not mandatory to file the ITR with balance sheet in India. However, certain taxpayers such as companies, firms, and LLPs require to file a copy of their balance sheet along with their income tax return. Individuals and HUFs (Hindu Undivided Families) generally do not require to file their… Read More »
Why Is Agricultural Income Non-Taxable in India? Agriculture has been the backbone of India’s economy for centuries, providing livelihood to millions of farmers and rural households. Given its importance, India’s tax system offers special provisions for agricultural income, which is exempt from central income tax. While this exemption has sparked debates over the years, it… Read More »
Is money transfer taxable in India Not all payment or transfer of money is taxable within India. The taxability of payment or transfer of money depends on the nature and purpose of the payment. For instance, if an individual receives salary income, then it is taxable under the head ‘salary’ and the employer is required… Read More »
PAN number GSTIN (Goods and Services Tax Identification Number) is a unique 15-digit alphanumeric code issue to every registered taxpayer under the GST regime. The first two digits of the GSTIN represent the state code, followed by the next 10 digits representing the PAN number of the taxpayer, then a 2-digit entity code for the… Read More »
Capital gain tax in India Capital gains tax is a tax levied on the profit realized from the sale of an asset. In India, capital gains tax is divided into two categories – short-term capital gains and long-term capital gains. Short-term capital gain tax in India is applicable when an asset sell within 2 years… Read More »
What does ITNS mean in income tax ITNS stands for “Income Tax Challan Non-System”. It is a type of challan used for payment of income tax, where the payment is made offline through banks or at the designated collection centers. This challan contains details such as the name of the taxpayer, address, PAN number, assessment… Read More »
What is referral income and how is it taxed Referral income refers to the commission or incentive received by an individual for referring someone or a business to another individual or company. Referral income form of income is commonly earned by professionals in the sales or marketing field and it is taxed. To visit https://www.gst.gov.in/… Read More »
Section 112 Vs. 112A Income Tax Section 112 and Section 112A of the Income Tax Act, 1961 address the taxation of long-term capital gains from the sale of listed equity shares or equity-oriented mutual funds. However, there are several distinctions between these two sections Section 112 Vs. 112A Income Tax. Applicability: Section 112 covers all… Read More »
Tax deduction for PF under 80C Tax deduction for PF under 80C: Absolutely, contributions made by an individual towards the Provident Fund (PF) are eligible for tax deductions under Section 80C of the Income Tax Act. In a financial year, the maximum deduction allowed under Section 80C is Rs. 1.5 lakh, which includes contributions made… Read More »
