Income Tax

Section 194R of the Income Tax Act deals with the taxation on any kind of benefits and perquisites received by an individual from a business or profession. This section applies to both monetary and non-monetary benefits and perquisites Scope And Coverage Of Section 194R The deductor is not required to check whether the benefit or […]

To monitor high-value transactions made by taxpayers, the income tax department introduced a new concept of furnishing a Statement of Financial Transactions or reportable accounts. Section 285BA of the Income-Tax Act requires specified reporting persons to furnish this statement. Rule 114E of the Income Tax Rules 1962 specifies that this statement must be furnished in

The ITR-3 Form can be filed by those Individuals and Hindu Undivided Families who earn income from Proprietary business or by practising his/her profession. However, when an Individual/HUF earns income as a partner of a partnership firm which is carrying out business/profession, he cannot file ITR-3. The ITR-3 form is specifically designed for individuals and

Tax deducted at source (TDS) can be a hassle for taxpayers, especially those suffering from excess TDS deductions. Sometimes TDS deducts from the taxpayer’s income more than they are liable to pay to Income tax authorities. Overpayment of taxes can be a nightmare for taxpayers. However, Form 13 of Section 197 of the Income Tax

The Indian government has introduced Section 44BBD in the Income-tax Act, which will take effect from April 1, 2026. This section provides special provisions for computing profits and gains of non-residents engaged in providing services or technology for setting up electronics manufacturing facilities or producing electronic goods in India. Key Highlights of Section 44BBD Who

Once you file an income tax return, the income tax department processes it and sends an intimation. The intimation contains details of the return you submitted and the department’s numbers. If there is a mismatch, i.e. a demand or higher refund than what you had claimed in the return, you can do the following: File a rectification

Agriculture, alongside its allied sectors, exists as one of the largest sources of livelihood in India. Figures ascertained by the Food and Agriculture Organisation (FAO) indicate that agriculture still serves as a primary source of income for about 70% of the Indian rural households. The government, therefore, endeavours to boost this sector by means of schemes, policies,

Section 194IA of the Income Tax Act, introduced in 2013, mandates the deduction of Tax Deducted at Source (TDS) on the purchase of immovable property (House Property, Commercial Property, Plot, or unconstructed land) valued above a specified amount. The buyer is responsible for deducting TDS at a prescribed rate and depositing it with the government.