1. Core Rule (Strict Liability)
No PAN = Higher TDS/TCS:
TDS rate: 20%(instead of normal rate)
TCS...
Notification No. 08/2025 [F. No. 370153/01/2025-TPL] Dated 20th January, 2025
MINISTRY OF FINANCE
(Department...
Section 139B of the Income Tax Act, 1961, allows taxpayers to file their income tax returns through authorized...
Notified special allowance is an allowance that has been notified by the Central Government under Section...
1. What is PAN?
PAN stands for Permanent Account Number. PAN is a ten-digit unique alphanumeric number...
Here’s a detailed explanation of the penalty for failure to furnish the Equalisation Levy (EL)...
The Finance (No. 2) Bill, 2024, introduces significant amendments to the Central Goods and Services Tax...
The provisions relating to Direct Taxes for the Financial Year 2025-26 in India include several key changes...
1. Legal Basis for TDS Certificates
Section 203of the Income Tax Act, 1961 mandates that every deductor must...
Notification No. 13/2025 [F. No.370142/9/2024-TPL] Dated 07th February, 2025
MINISTRY OF FINANCE
(Department...
Here’s a detailed analysis of Section 278AB of the Income Tax Act, 1961, which empowers the Principal...
1. Overview
When a taxpayer fails to pay advance tax voluntarily, the Assessing Officer (AO) can issue...
Income from house property is one of the five heads of income under the Income Tax Act, 1961. It applies...
Section 147 empowers the Assessing Officer (AO) to reassess or recompute income that has escaped taxation in...
The Goods and Services Tax framework has undergone significant transformations since its implementation...
1. Primary Responsibilities of Deductor
Tax Deduction at Source:
Must deduct correct % as per Income...
A Hindu Undivided Family (HUF) is a unique entity recognized by the Indian tax system. It is a family...
Purpose:
This section provides a full tax exemption on any scholarship granted to meet educational expenses,...
The National Savings Certificate (NSC) is a fixed Income Investment scheme that you can open with any...
Here’s a detailed explanation of Penalty under Section 271AAC of the Income Tax Act, 1961, which applies...