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 »
User Intent Users searching for this topic want to understand why agricultural income in India is exempt from taxation. They seek clarity on its legal definition, applications, benefits, limitations, and comparisons with other taxable incomes. Introduction Agriculture is the backbone of India’s economy, employing nearly half of the population. To support farmers and rural… 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 »
Introduction The Income Tax Act, 1961, governs taxation laws in India and includes various provisions for computing capital gains tax. Two crucial sections related to long-term capital gains (LTCG) are Section 112 and Section 112A. While both sections pertain to taxation on LTCG, they have different applicability, benefits, and limitations. Understanding their distinctions helps taxpayers… Read More »
User Intent Users searching for this topic want to understand whether Provident Fund (PF) qualifies for tax benefits under Section 80C of the Income Tax Act, 1961. They are likely looking for clear explanations, benefits, limitations, and a comparative analysis with other tax-saving options. Introduction Tax planning is an essential part of financial management.… Read More »