We will explore section 28 of the Income Tax Act. It’s a key part of Indian tax law. It deals with taxing business income, which is vital for businesses. Understanding section 28 is essential. It’s a major part of the Indian tax law. It covers income from business and profession, which is important for taxes. […]
We often find ourselves navigating the complexities of the Income Tax Act in India. Section 43B is a key part that affects businesses. It deals with deducting certain expenses from business income, making income tax compliance and tax deductions very important. Understanding Section 43B is vital for businesses to meet the necessary requirements and avoid
We will explore Section 115BAB of the Income Tax Act. It offers a lower tax rate to new domestic companies in the manufacturing sector. This helps them with tax incentives for new units. The goal is to boost the Indian economy by lowering corporate tax rates for eligible companies. Section 115BAB is a big step
We will look into Section 194Q of the Income Tax Act. It was created to make transactions more transparent. It focuses on tax deduction at source (TDS) for buying goods. It’s important for businesses in India to know how it works and its effects on their deals. The Central Board of Direct Taxes (CBDT) says
The Income Tax Section 250 is key in the Income Tax Act. It lets taxpayers challenge tax deduction decisions. This section outlines the appeal process, ensuring fairness and transparency. Section 250 of the Income Tax Act lets taxpayers appeal in writing. They must use Form 35 on the e-filing portal. The Commissioner of Income Tax (Appeals)
The Indian Government has taken steps to limit cash payments. Section 40A(3) of the Income Tax Act is one of these steps. It discourages making payments over Rs. 10,000 in cash or bearer cheques. This is to encourage digital payments and fight tax evasion. It’s important for people and businesses to know about Section 40A(3).
The Income Tax Act is key in India, and Section 142 is vital in the tax process. It lets the Assessing Officer ask for a return of income or documents before assessment. Knowing Section 142 is important for taxpayers in India. It helps check income and follow tax laws. Section 142 of the Income Tax
Knowing about depreciation rates is key for people and businesses in India. The rates change based on the asset type and use. For example, homes have a 5% rate, while other buildings have a 10% rate. The Income Tax Act outlines these rules for calculating depreciation. Depreciation is important for taxes. It lets people and
Understanding section 193 of the income tax act is key for those investing in India. This section deals with the tax deduction at source (TDS) on interest from securities. The TDS rate is 10%. Knowing about ita section 193 helps you follow tax rules and avoid fines. Key Takeaways The TDS rate on interest from