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INCOME TAX

Half- Yearly Return Mandated for Delayed Payments to MSMEs

Delayed payments have long plagued India’s Micro, Small, and Medium Enterprises (MSMEs), straining their cash flow and slowing growth. By April 2025, the total value of unresolved payment complaints filed on the MSME Samadhaan portal had surpassed INR 50,000 crore. In response, the government now mandates that companies file a half-yearly return disclosing payments overdue by more than 45 days to micro and small enterprises (MSEs). This move complements broader… Read More »Half- Yearly Return Mandated for Delayed Payments to MSMEs

Form 13 Filing Deadlines for FY 2024–25: What You Should Know

Navigating India’s income tax framework involves understanding a range of forms and deadlines. Among them, Form 13 is particularly valuable for taxpayers looking to reduce or eliminate tax deducted at source (TDS) or tax collected at source (TCS). With the conclusion of Financial Year (FY) 2024–25 on March 31, 2025, it’s important to look at how Form 13 fits into your tax planning and what steps should be taken moving… Read More »Form 13 Filing Deadlines for FY 2024–25: What You Should Know

File ITR before 31st July 2022 to avoid late fees of 1000/5000

Kindly Attention: ITR Due Date may not be extended, File ITR before 31st July 2022 to avoid late fees of INR 1000/5000. For better understanding we have taken two character and through their conversation we will discuss the same. Two characters are Ram and Shyam. Shyam (Fictional Character): Ram, What is the buzz going around regarding Income tax return? Ram (Fictional Character): Shyam, The Due Dates for all Individuals, HUF’s… Read More »File ITR before 31st July 2022 to avoid late fees of 1000/5000

New TDS Provisions (Section 194R & 194S) applicable from 01 July 2022

It is an effort of Direct Taxes Committee to update members regarding any changes or amendments made in Direct Taxes. Section 194R & Section 194S was inserted in Income-tax Act, 1961 vide Finance Act 2022. Section 194R: Deduction of Tax on benefit or perquisite in respect of business or profession: The section provides that a person responsible for providing to a resident, any benefit or perquisite, whether convertible into money… Read More »New TDS Provisions (Section 194R & 194S) applicable from 01 July 2022

New TDS Rules to affect Doctors and Social Media Influencers

The new Tax Deducted at Source i.e. TDS section 194R introduced in the Budget, 2022 will be applicable from 1st July 2022, requiring a deduction of 10% by any person (resident or non-resident) who provides benefit or perquisite to a resident person in a year exceeding INR 20,000 will be liable for TDS under section 194R. What does Benefit & Perquisite mean? Any benefit given by a person to a… Read More »New TDS Rules to affect Doctors and Social Media Influencers

Why Do Central Banks Raise Interest Rates?

When the Central bank (In terms of India it is Reserve Bank of India, in the USA it is Federal Reserve System) raises interest rates, It is a piece of big news. It can send waves across the whole economy. Increasing interest rate is the primary tool used by the central bank to manage inflation in the economy. Today through this article, we will understand why the central bank raises… Read More »Why Do Central Banks Raise Interest Rates?

Section 234A- Interest for Delay in Filing the Return of Income

In section 234A, interest is levied for delay in filing the ITR, filing of an updated return or filing of a return in response to notice issued u/s 142(1). In other words, if the taxpayer files the ITR after the specified due date then the interest u/s 234A will be levied. Rate of interest -Interest u/s 234A is levied for delay in filing the ITR. Interest is levied @1% per… Read More »Section 234A- Interest for Delay in Filing the Return of Income

Salary Income – Answer to Common issues

In this article we will explain what is Salary Income? What are allowance? What is TDS on Salary, Taxability of Reimbursement of Expenses? What is Form 12BB? When relief under Income Tax Act- section 89 is available, standard deduction on Salary, effective date of enhancement of limit of gratuity from INR 10 lacs – INR 20 lacs for purpose of tax exemption computation u/s 10(10)(ii) etc. A salary is a… Read More »Salary Income – Answer to Common issues

Taxation of Gains on Crypto Currencies

A crypto currency establishes themselves as a new form of digital money. With crypto currencies, an individual may be able to get rid of banks & other centralized middlemen altogether. This is happening because crypto currencies rely on a technology named as block chain, which is decentralized (meaning no single entity is in charge of it). Millions of Indians have invested in crypto currencies and have made large gains in… Read More »Taxation of Gains on Crypto Currencies

Section 80EEB of Income Tax Act: Interest on Electric Vehicle

In the union budget 2019, the central government has announced an incentive for buying electric vehicle. In the budget speech, the finance minister of India has said that advanced battery and registered Electric vehicles will be incentivized under the scheme. A new section of Income Tax Act, 1961-section 80EEB has been introduced allowing a deduction for interest paid on loan taken for the purchase of electric vehicles from the Assessment… Read More »Section 80EEB of Income Tax Act: Interest on Electric Vehicle