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Highlights Of Budget 2021

The Union Budget of 2021 has boosted the healthcare and infrastructure industry. Specified senior citizens, NRIs and small taxpayers can surely cheer on the Income Tax front. With the enhancement of the tax audit limit and redefining of the provisions in the Companies Act, businesses can concentrate more on upscaling, and expansion with lesser compliance … Read moreHighlights Of Budget 2021

Verification Of Applicability u/s 194N Of Income Tax Act

Under the Income Tax Act, 1961, a banking company (to which the Banking Regulation Act, 1949 (10 of 1949) applies), a co-operative society (engaged in carrying on the business of banking) or a post office, which is responsible for paying a sum exceeding one crore rupees (INR 1 crores) in cash during a year (to … Read moreVerification Of Applicability u/s 194N Of Income Tax Act

Standard Operating Procedure (SOP) For Verification Of Taxpayers Granted Deemed Registration

To help taxpayers, the Government had enabled the Aadhaar authentication method for GST registration. With effect from 21 August 2020, the Central Goods and Services Tax Rules had provided that, ‘in cases where Aadhaar authentication is either not opted for by the applicant or when such authentication has failed, the authorised officer has to initiate … Read moreStandard Operating Procedure (SOP) For Verification Of Taxpayers Granted Deemed Registration

Section 80D – Deduction In Respect Of Health Insurance Premium

The Income Tax Act has provided for certain deductions while computing the total income of the assessee. Medical Insurance Premium paid under section 80D of the Income Tax Act is one of the many deductions allowed. This deduction plays a dual role. It not only helps assessees to reduce their taxable income but also promotes … Read moreSection 80D – Deduction In Respect Of Health Insurance Premium

Section 234A – Interest For Defaults In Furnishing Return Of Income

The Income Tax Department expects taxable persons (assessees) to file their Income-tax Returns on or before the notified due dates. In case the assessees fail to file their Income Tax Returns within the prescribed due dates, they will be liable to pay interest for the delay. This interest is charged under Section 234A of the … Read moreSection 234A – Interest For Defaults In Furnishing Return Of Income

Section 234B – Interest For Defaults In Payment Of Advance Tax

Payment of Advance Tax is mandatory when the tax liability is more than INR 10,000. To ensure that taxpayers pay Advance Tax on time, the Income Tax Department has introduced section 234B to levy interest in case there is a default in the payment of Advance Tax. In this article, we will discuss the provisions … Read moreSection 234B – Interest For Defaults In Payment Of Advance Tax

Section 234C – Interest For Default In Payment Of Instalment(s) Of Advance Tax

As per the Income Tax Act, every assessee who has Income Tax payable (more than INR 10,000) should pay tax in advance. This Advance Tax has to be paid in instalments. Taxpayers (other than those who have opted for presumptive taxation scheme of section 44AD or section 44ADA) have to pay Advance Tax instalments by … Read moreSection 234C – Interest For Default In Payment Of Instalment(s) Of Advance Tax

Section 87A

The Income Tax Act of 1961 is amended from time to time to benefit taxpayers. Section 87A was introduced to help taxpayers reduce their income tax liability. With the introduction of this section, certain taxpayers earning income below a specified limit can leverage the provisions of this section and pay lesser/zero income tax. In this … Read moreSection 87A