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INTRODUCTION: Form 15CA and Form 15CB are essential documents under the Income Tax Act, 1961, for foreign remittances. These forms ensure that the remittance complies with tax laws and that applicable taxes (if any) are deducted before the payment is made to a non-resident. Below is a detailed explanation of both forms: When dealing with financial transactions involving Non-Resident […]

Section 132 of the Income Tax Act, 1961, empowers the Income Tax Department to conduct search and seizure operations to uncover undisclosed income, assets, or wealth. This provision is a critical tool for the department to combat tax evasion and ensure compliance with tax laws. Below is a detailed explanation of Section 132: OFFICER AUTHORIZED FOR SEARCH AND

Section 194-I of the Income Tax Act, 1961, a crucial piece of legislation in India, governs the taxation of income from rent. This section mandates that any person, baring certain exceptions which are herein later, who is responsible for paying rent, is required to deduct tax at source (TDS) at the time of credit of rent

Under the Income Tax Act, 1961, individuals and Hindu Undivided Families (HUFs) can claim exemptions from capital gains tax by reinvesting the proceeds from the sale of a capital asset in specified avenues. These exemptions are designed to encourage reinvestment and reduce the tax burden on taxpayers. Below are the key exemptions available under various

The Income Tax Act, 1961, includes specific provisions to protect the interests of Micro, Small, and Medium Enterprises (MSMEs). One such provision is Section 43B(h), which was introduced to ensure timely payments to MSMEs. Micro, small and medium enterprises (MSMEs) are vital for the economic growth and development of India. They contribute significantly to the gross domestic product

Section 147 of the Income Tax Act, 1961, deals with the reassessment of income if the Assessing Officer (AO) has reason to believe that any income chargeable to tax has escaped assessment for a particular assessment year. This provision allows the tax authorities to reopen past assessments within a specified time frame. Here’s an analysis

Section 115BAB of the Income Tax Act, 1961, was introduced by the Finance Act, 2019, to provide a lower tax rate for new domestic manufacturing companies. This section aims to promote the “Make in India” initiative and encourage the establishment of new manufacturing units in India. For new players in the manufacturing sector, the Income

TDS on Salary (Section 192) and TDS on Provident Fund (Section 192A) are provisions under the Income Tax Act, 1961, that govern the deduction of tax at source (TDS) on salary payments and withdrawals from the Provident Fund (PF). Here’s a detailed explanation of both sections: TDS on Salary (Section 192): Section 192 deals with

The term “actual cost” in the context of asset acquisition plays a pivotal role in income tax computation, presenting nuances and exceptions that taxpayers and professionals must comprehend. Section 43(1) of the Income Tax Act,1961 delineates the intricacies of determining the actual cost. “Actual cost” means the actual cost of the assets to the assessee, reduced by