In the realm of income tax compliance, individuals must be prepared to navigate the possibility of a tax raid conducted by authorities. These raids, officially termed as "Search and Seizure" operations, serve as a pivotal tool wielded by the Income-tax department in combating illicit financial...
Risk management within the realm of internal audit is a critical aspect, defining the potential impacts on organizational objectives due to various events. It encapsulates both positive and negative ramifications, necessitating a meticulous approach to mitigate and capitalize on risks....
The deadline for filing income tax returns stands as a pivotal moment for taxpayers, marking not just a legal obligation but also a significant financial responsibility. Each year, citizens are required to submit their returns by the designated due date, typically by 31st July of...
In the backdrop of Section 5A of the Income Tax Act of 1922, the Income Tax Appellate Tribunal (ITAT) was established, operating under the aegis of the Ministry of Law and Justice. Serving as a subordinate body to the High Court of specific regions, the...
Individuals often encounter the need to rectify or revise salary details in their E-TDS returns after submission. Here’s a comprehensive overview on how to go about this process....
In both the GST regime and its predecessor, Input Tax Credit (ITC) on exempted supplies of goods or services is subject to reversal and is not eligible for availment. Among these exempted supplies are sales of shares and mutual funds. This blog delves into the...
In the fast-paced world of digital commerce, taxation rules are continually evolving to keep pace with technological advancements. Section 194O of the Income Tax Act is one such provision that has significant implications for E-commerce operators and participants. Let's explore the key aspects of this...
Salaried individuals who reside in rented accommodations have the opportunity to leverage House Rent Allowance (HRA) as a strategic tool for tax planning, potentially reducing their tax liabilities either partially or in full....
In exploring tax-saving strategies, Section 80C stands out as a cornerstone for taxpayers aiming to reduce their taxable income. This section offers a plethora of investment avenues, providing individuals and Hindu Undivided Families (HUFs) with the opportunity to save up to ₹1,50,000 annually....
Understanding the concept of deemed ownership under Section 27 of property laws is crucial for individuals navigating property transactions and taxation in India. This legal provision outlines scenarios where individuals are considered owners of property despite not holding legal title. Whether it's transfers to spouses,...
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