Income Tax

E-commerce gained huge popularity after the internet reform in India. And e-commerce widened its reach to billions of people across India. But e-commerce was not taxable under the Income Tax Act until 2020. Section 194O was introduced in the union budget 2020 and came into effect from 1st Oct. 2020. The TDS base was enlarged, […]

The Sugam ITR-4S Form is the Income Tax Return form for those taxpayers who have opted for the presumptive income scheme as per Section 44AD and Section 44AE of the Income Tax Act. However, if the turnover of the business mentioned above exceeds Rs 3 crores, the tax payer will have to file ITR-4.  ITR 4S Form ITR-4S has

The concept of standard deduction on salary is a crucial aspect of income tax calculations for salaried individuals. Introduced as a means to simplify tax filing and provide relief to employees, standard deduction allows salaried individuals to reduce their taxable income by a fixed amount, thus lowering their overall tax liability.  What is Standard Deduction? The standard

An Income Tax Survey is a tool used by the Income Tax Department of India to gather information about a business or individual. It’s done to verify income, check records, and ensure that tax laws are being followed. It is less invasive than a raid (search and seizure), but more serious than a normal tax

Section 194H of the Income Tax Act, 1961 mandates Tax Deduction at the Source (TDS) on commission or brokerage payments to a resident individual. Any person not being an individual or HUF paying any commission or brokerage is liable for TDS under section 194H since commission or brokerage serves as a source of income. However, this section

Section 195 of the Income Tax Act, 1961 controls TDS deductions on non-resident Indian income and payments. This section lists provisions that help avoid double taxation and focus on NRI business tax deductions and rates. Who is a Non-resident? As per the said provisions, a person is said to be a non-resident in India if

As the name suggests, an income certificate is an online document that specifies and confirms an individual’s or individual’s family income from all sources, including salary, companies, pension, and overseas remittances. It is issued by the government and is a proof of income of an individual or family member’s income. The online application of the

The Income Tax Return (ITR) filing deadline is a crucial date that individuals and businesses must keep in mind each year. Filing your ITR within the specified deadline is not only a legal obligation but also a responsible financial practice. However, life can sometimes get busy, and you might find yourself unable to meet the

Schedule 112A of the Income Tax Act requires individuals to report any capital gains from the sale of listed equity shares or units on a recognised stock exchange. This information must be included in the individual’s income tax return, along with details of any long-term or short-term capital gains. The main objective of introducing this schedule

A capital gain can be incurred while trading in shares. It can be either a long-term or a short-term capital gain. Usually, a seller is tend to earn a short-term capital gain on shares when he/she sells shares at a price higher than the purchase price. What are Capital Gains Tax on Shares? Capital gains