Defective Income Tax Notice: Everything Taxpayers Need to Know Introduction Receiving a defective income tax notice can be concerning, but it does not necessarily mean you have violated tax laws or are liable for penalties. In most cases, such a […]
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 […]
Section 80GGC Deduction: Eligibility, Limit and ITR Filing Introduction Section 80GGC deduction allows eligible taxpayers to claim a tax deduction on donations made to registered political parties or electoral trusts through non-cash modes. Until FY 2025-26, this benefit was governed […]
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 […]
TDS Return for Sale of Motor Vehicle: Is TDS Applicable or Is It TCS? Introduction Many taxpayers search for TDS Return for Sale of Motor Vehicle when purchasing or selling a vehicle. However, under the Income-tax Act, 2025, the sale […]
ITR Filing Online FY 2022-23: Forms & Updated Return Options Introduction ITR Filing Online FY 2022-23 refers to filing an Income Tax Return for income earned between 1 April 2022 and 31 March 2023. The corresponding assessment year is AY […]
Cost Inflation Index for the FY 2022-23 Overview It may be noted that Budget 2017/ Finance Act 2017 has proposed amendments in provisions relating to indexation for the purpose of determining long term capital gains. Base year has been shifted […]
