Section 9 of the Income Tax Act, 1961, is a cornerstone provision in Indian tax law, setting forth specific instances where income is considered to have originated from Indian sources, even if earned by non-residents or foreign entities. This section plays a significant role in determining tax liability for foreign entities and non-residents with economic […]
Category Archives: Taxation
19
Jun
Jun
Introduction:ITR filing can be a daunting task, especially when it comes to selecting the correct ITR form and ensuring accurate reporting of income and deductions. This article provides a comprehensive guide to help individuals in India navigate the ITR filing process smoothly and avoid common mistakes. Identifying the Correct ITR Form for ITR filing:The first […]
Section 153C of Income Tax Act, 1961, is a provision that empowers the tax authorities to issue a notice to assess the income of any person other than the one searched or against whom a requisition is made. This provision has significant implications for taxpayers in India, and it is important to understand the procedure […]
01
Jun
Jun
Relaxation in paying additional fees in case of delay in filing Form 11(Annual Return) by Limited Liability Partnerships up to 30th June, 2022 in view of transition from version-2 of MCA-21 to version-3 and to promote compliance on part of LLPs. Kartik M Jain and Associates,Chartered Accountants is a practicing CA in Pune is […]
02
Oct
Oct
Wrong interpretation / understanding / procedure of TCS on Consideration for sale of goods under newly introduced section 206C(1H) effective from 01-Oct- 2020. Most of the experts / businessmen have adopted following process. They (Sellers) have modified their billing software to add one more line to add TCS amount in final bill amount […]
17
Aug
Aug
While there are many benefits of filing your Income tax return on time, Not filing Your ITR may attract the ire of the Income Tax department. Penalty, Interest, Best Judgment Assessment and Prosecution are some of the consequences you may face for not filing your income tax return. This article throws light on the consequences […]
14
Aug
Aug
On 13th August 2020, Our Honorable Prime Minister Shri. Narendra Modi launched the Platform for “Transparent Taxation”. One of the key feature of the event was unveiling and implementation of the “Taxpayer’s Charter” which clearly outlines the Governments’ responsibilities towards the taxpayers as well as the duties of the taxpayers. Outlined here are your key […]
31
Jul
Jul
With relaxations in tax rates for companies, More and more businesses now tend to choose body corporate over other different types of entities. MCA, too has made the process of incorporation of Companies a lot more easier with all the important registrations such as PAN, TAN, GST, etc being granted on Incorporation of a Company. […]
27
Jul
Jul
Often Taxpayers while filing their Tax returns make innocent mistakes, not with the intention of evading taxes but simply out of ignorance. These mistakes though innocent may prove costly to you and invite notices from the Income Tax Department. Below are 5 such mistakes that you should avoid while filing your ITR:- 1. Not Filing […]
23
Jul
Jul
Deductions are those expenses that are allowed to be deducted from the total taxable income of the assesse and thus reduce the tax amount. All the provisions and rules regarding deductions are covered by Chapter VIA of the Income Tax Act, 1961. These deductions are of different types some are allowed on investing the income […]
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