Is ITR filing mandatory Filing an Income Tax Return (ITR) is an important responsibility for every taxpayer, but many people often wonder if it is mandatory in every case. The answer depends on various factors such as your income level, age, and sources of income. What is ITR Filing? Income Tax Return (ITR) is… Read More »
Are appliances tax-deductible for rental property In general, appliances can be tax-deductible for rental property if they are considered necessary for the production of rental income. The cost of appliances can be claimed as a rental expense and deducted from the rental income. However, the specific tax rules regarding the deductibility of appliances can vary… Read More »
Check TDS compliance in Audit Check TDS compliance in audit, To Check TDS compliance in audit, you can follow these steps: Obtain TDS Returns: Request the auditee to provide copies of filed TDS returns (Form 24Q, Form 26Q, etc.) for the relevant assessment years. These returns contain information about the TDS deductions made by the… Read More »
Capital Gains and Capital Asset Capital Gains refers to the profit made by an individual or an entity when they sell a capital asset, such as property, stocks, or mutual funds, at a higher price than its purchase price. A capital asset is any asset that an individual or an entity owns for personal or… Read More »
TDS compliance chart for FY 2024-25 TDS compliance chart for FY 2023-24: Here is a TDS compliance chart for FY 2024-25 (Assessment Year 2025-26) for non-government deductors: 1. Quarter – April to June: TDS Deduction Date: By the 7th day of the subsequent month TDS Payment Due Date: On or before the 7th day… Read More »
ITR for business for tax savings ITR for business,To file your Income Tax Return (ITR) for a business and take advantage of tax savings, you should adhere to the following steps: 1.Maintain accurate books of accounts: It is important to maintain accurate books of accounts and financial statements of your business to calculate the… Read More »
TDS deduction you can follow these steps: Gather necessary documents: Collect all relevant documents, including the TDS certificate issued by the bank or financial institution where you have the FD, and the Form 26AS, which reflects the details of TDS deducted. Calculate TDS deduction: Determine the total TDS amount deduct on the interest… Read More »
Difference between 80C vs 80CC Difference between 80C vs 80CCD: Section 80C and 80CCD of the Income Tax Act, 1961 offer tax deductions to individuals on specific investments in financial instruments. Under Section 80C, individuals can claim a deduction of up to Rs. 1.5 lakh for investments in various financial instruments such as PPF, ELSS,… Read More »
What if I do not pay my income tax If you do not pay your income tax, it will be considered as taxes evasion, which is a serious offense under the Income Tax Act in India. If the Income Tax Department finds out about the non-payment of tax, it can take various legal actions against… Read More »
