Filing income tax returns Filing income tax returns is mandatory for several reasons: Legal Requirement The law mandates individuals and entities to file income tax returns within the specified due dates. Failure to comply with this requirement may result in penalties and legal consequences. Income Assessment Filing tax return allows the tax authorities to… Read More »
Which professions are exempt from income tax In India, no professions is completely exempt from income tax. However, certain professions or categories of taxpayers may be eligible for certain tax deductions or exemptions based on the provisions of the Income Tax Act. To visit- https://www.incometax.gov.in As an illustration, specific types of income such as agricultural… Read More »
Features of Tax Audit A tax audit is a critical process conducted by a tax professional or authority to ensure that taxpayers’ financial records and returns are accurate and compliant with tax laws. In India, the tax audit is mandated under Section 44AB of the Income Tax Act, for certain taxpayers. Understanding the key features… Read More »
Special Features of Tax Audit: Understanding Its Importance and Key Aspects A tax audit is a systematic examination of a taxpayer’s financial records and accounts to verify that they have accurately reported their income, deductions, and other related items on their tax returns. It is a critical process conducted by tax authorities to ensure… Read More »
💥 What taxes apply to dividends in India and how do they work? 🎯 You’re here because you’ve probably asked yourself What taxes apply to dividends in India and how do they work? “Do I need to pay tax on the dividends I receive?”“How exactly are dividends taxed in… Read More »
GST in India Introduction Co-working spaces have become increasingly popular in India, providing freelancers, startups, and businesses with flexible office solutions. However, a common concern among members is whether they are legally liable for tax issues like Goods and Services Tax (GST). Understanding tax obligations is essential to ensure compliance and avoid legal complications. Understanding… Read More »
What is Tax Avoidance? Tax avoidance involves legally structuring one’s financial affairs to reduce tax liabilities while staying within the law. It involves using various strategies and methods to take advantage of deductions, credits, exemptions, and other provisions in the tax code to reduce the amount of taxes owed. Characteristics of Tax Avoidance: Legal… Read More »