Non Profit Tax Exemption in India and USA: Explained Introduction Non Profit Tax Exemption allows eligible organizations to reduce their tax liability on income used for approved charitable, educational, religious, scientific, or social welfare activities. Non-profit organizations are established with […]
Section 43B(h) for MSME Payments: Compliance and Tax Impact Introduction Section 43B(h) provides that payments due to Micro and Small Enterprises for goods supplied or services rendered are allowed as deductions only when paid within the timelines prescribed under the […]
How to File Form 61A Online? Applicability, Due Date & Process Introduction To file Form 61A online, specified reporting entities must report the Statement of Financial Transactions (SFT) under the Income Tax Act, 1961. It helps the Income Tax Department […]
Section 139(8A) of the Income Tax Act: ITR-U Form Guide Overview of Section 139(8A) and Form ITR-U Section 139(8A) of the Income Tax Act, 1961 governs the filing of Updated Returns through Form ITR-U. Under the Income-tax Act, 2025, the […]
Section 43B of the Income Tax Act 1961: Conditions & Exceptions Introduction Many businesses record expenses in their books before making the actual payment. Section 43B of the Income Tax Act 1961 was introduced to ensure that certain deductions are […]
All about Link your Aadhar with PAN to file ITR Introduction The Government of India has made it mandatory for taxpayers to link their Aadhaar card with their PAN (Permanent Account Number) to file their Income Tax Return (ITR). The […]
A complete guide on Section 194F of the Income Tax Act Introduction Section 194F of the Income Tax Act earlier dealt with TDS on income arising from specified mutual fund and UTI repurchase payment transactions covered under Section 80CCB(2). The […]
ITR Form 7 Filing: Eligibility, Due Date and Filing Process Introduction ITR Form 7 Filing is prescribed for charitable and religious trusts, political parties, universities, educational institutions, research associations, medical institutions, and other specified persons required to furnish their income […]
Form 10F Filing Without PAN for Non-Residents in India Introduction From 1 April 2026, Form 41 under the Income-tax Act, 2025 serves the purpose previously fulfilled by Form 10F for non-residents claiming DTAA benefits on income earned from India. Eligible […]
