All income tax related updates.
The income tax slab rates differ between the old and new tax regimes. Furthermore, the old tax regime divided the slab rates into three categories. What Is Income Tax Slab? Individuals in India are taxed based on a slab system,…
Section 112A of Income Tax Act is a section that deals with the tax on long-term capital gains from the sale of certain assets like: These assets should be held for more than one year to be considered as long-term…
The Indian government has introduced taxability regulations for virtual digital assets through the Finance Bill 2022, effective from April 1, 2022. This article explores the tax consequences arising from the transfer of virtual digital assets by assesses. Understanding Virtual Digital…
Discover the game-changing Annual Information Statement (AIS) introduced by the Income Tax Department for individuals and Hindu Undivided Families (HUFs). This comprehensive article unveils the key points and benefits of AIS, replacing the previous Form 26AS. Get ready to simplify…
The Finance Act, 2022, introduced Section 194R, which pertains to the deduction of tax on benefits or perquisites in respect of businesses or professions. Businesses, companies, or entities often extend multiple types of benefits and perquisites to their distributors, channel partners,…
Equalization Levy (EL) is a tax leviable on consideration received by a non-resident for specified services. Specified Service means online advertising or provision of digital space for online advertisement or any other service for purpose of online advertising. Introduction Equalization…
The government requires people to mandatorily file income tax returns (ITRs) to get information about their income and to check if the tax on the income earned has been correctly paid. The last date for filing ITR for FY 2021-22…
What is Form 16 Issuance to Employees? Form 16 Issuance to Employees is a certificate that employers issue to their employees. It is a validation that the TDS has been deducted and deposited with the government authorities on behalf of…
INTRODUCTION Finance Act, 2020 had introduced provisions relating to TCS on sale of goods u/s 206(1H). Finance Act, 2021 introduced provisions relating to TDS on purchase of goods u/s 194Q to cover those transactions which were left uncovered by section…
Annual Information Statement (AIS) is an extensive view of information for a taxpayer displayed in Form 26AS. It also accepts feedback from the taxpayers on the information displayed in AIS. AIS shows both reported value (value reported by the reporting…
