If you are a Resident and Ordinary Resident (ROR) in India and have foreign assets or income, it is mandatory to report them in your Income Tax Return (ITR). Failing to do so can lead…

Under Section 161(3) of the Companies Act, 2013, a Nominee Director is a person appointed by a third party or institution, such as banks, financial institutions, or the government, to represent their interests on the…

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…

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,…

Form 16 is more than just a document—it's your passport to filing income tax returns correctly. Whether you're a salaried professional or a new taxpayer, understanding Form 16 can help you avoid errors, reconcile tax…

As cryptocurrencies like Bitcoin, Ethereum, Solana, and meme tokens gain traction in India, so does the government's focus on their regulation and taxation. With the introduction of Section 115BBH, TDS under Section 194S, and GST…