Income tax in India is levied on a person’s total income, but in certain cases, income of another person (such as a spouse or child) may be clubbed with the taxpayer’s income. This is to…
The Indian Income Tax Act, 1961, provides a robust mechanism for taxpayers to reduce their tax liability by setting off and carrying forward losses incurred during a financial year. These provisions are crucial for both…
GST in India provides a Composition Scheme as a relief mechanism for small taxpayers to ease compliance. Composition dealers are not required to file monthly returns like regular taxpayers; instead, they file simplified annual and…
If you're an employer or HR professional responsible for salary disbursements, understanding Form 24Q, its due dates, and challan requirements under Income Tax Act, 1961 is crucial. Filing accurate and timely TDS returns builds financial…
The CBIC issued Circular No. 249/06/2025-GST dated June 09, 2025, regarding the Generation and quoting of Document Identification Number (DIN) on any communication issued by the officers of the Central Board of Indirect Taxes and Customs…
1. Section 40A(3) – Business Expenditure in Cash Limit: ₹10,000 per day per person For Transporters: ₹35,000 per day per person Penalty: 100% of such payment disallowed as expenditure 2. Section 269SS – Acceptance &…
Tax compliance in India requires accurate disclosure of income, deductions, and taxes payable. Failure to do so may attract penalties under various provisions. Among them, Section 271(1)(c) was historically one of the most litigated. However,…