In the realm of Goods and Services Tax (GST) in India, understanding Input Tax Credit (ITC) is crucial for businesses to ensure compliance and optimize their tax liabilities....
To beat the last minute rush, at least some taxpayers have started filing their income tax returns for assessment year 2024-25 after the Central Board of Direct Taxes (CBDT) enabled functionalities for commonly used income tax returns from April 1 this year....
In the realm of taxation, navigating through various sections and provisions can be daunting....
The income tax department has unearthed a scam involving the fraudulent use of permanent account numbers (PAN) to claim house rent allowance (HRA) without actual tenancy....
Beyond Section 80C, there exist numerous avenues for tax savings. In FY 2023-24, explore various deductions such as NPS contributions, health insurance premiums, medical expenses, home loan interest, electric vehicle purchases, charitable donations, savings account interest, and tax rebates....
The Income Tax Department has published a revised TDS Rate Chart for the Financial Year 2024-25 (Assessment Year 2025-26). ...
The difference between tax saving and tax evasion becomes apparent when individuals seek deductions under sections 80GGB/80GGC of the Income Tax Act 1961 for contributing funds to a political party or an electoral trust....
During the course of assessment of income, the AO may discover cash receipts in the books, or cash deposits in the bank...
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