Tag Archives: #IncomeTaxRequirements

ITR filing is mandatory in 10 situations?

ITR Filing is Mandatory   Income tax return (ITR) filing is mandatory in several situations in India. Here are ten common scenarios where individuals are required to file their ITR: ITR filing is mandatory in 10 situations: 1. Income above Basic Exemption Limit: If your total income before claiming any deductions exceeds the basic exemption… Read More »

Who is eligible for ITR file ?

Eligible for ITR file   In India, the following individuals and entities are generally eligible for filing an Income Tax Return (ITR): 1. Individuals with taxable income: Individuals who have earned taxable income during the financial year need to file an ITR. This includes salaried individuals, self-employed individuals, professionals, and freelancers. 2. Companies and firms:… Read More »

What is Section 40B of income tax?

Section 40B     The conditions are as follows: 1.The payment of remuneration should be authorize by the partnership deed or agreement. 2. The remuneration provided should be reasonable in relation to the profits generated by the firm. It should be specifically directed towards a working partner 3. who actively participates in the firm’s business… Read More »

What is the declaration towards Section 206AB of income tax?

Declaration of Section 206AB   Declaration of section 206AB, Section 206AB of the Income Tax Act, 1961, was implemented as part of the Union Budget 2021 and has been in effect since July 1, 2021. This provision mandates designated individuals to withhold tax at an increased rate on particular payments made to individuals who have… Read More »

What is the rate of TDS deduction on dividend income?

Introduction  Dividend income is a significant source of passive earnings for investors in India. However, it is subject to taxation, with the deduction of Tax Deducted at Source (TDS) playing a crucial role in the tax structure. Understanding the rate of TDS deduction on dividend income is essential for both individual investors and businesses to… Read More »