Income Tax

How to plan income tax for partnership firm

how to plan income tax for partnership firm

Despite the lack of a separate legal entity, partnership firms are treated differently by the Tax authority than their partners. As a result, all partnership firms, whether they are registered or not, must register with the Income Tax Department and obtain a PAN Card No., and income tax for partnership firms must be understood, This … Read more

What is a faceless assessment scheme under income tax

What is a faceless assessment scheme under income tax

Taxpayers have to deal with harassment from tax authorities from time to time, thus the government has instituted an anonymous income tax assessment for their advantage. If there was an error on the return or there was a dispute over-regulation, the assessee was required to attend the I-T department office. Income tax assessments are now … Read more

SC uphlods over 90,000 re-assessment notices deeming them as sec 148A notices

SC uphlods over 90,000 re-assessment notices deeming them as sec 148A notices

The income tax department is working aggressively to tax unaccounted income and the taxpayers now need to be very careful while declaring/her income during Income Tax Return filing. ITR Filing disclosing all income should now be done on time and with transparency. Not doing so will result in a notice from the income department and … Read more

Know Income Tax on Agriculture Income

Know Income Tax on Agriculture Income

Farmers in India are reported to form the majority of the country’s workforce. It is the primary source of income for the vast majority of India’s rural people. The country as a whole is completely reliant on agriculture to provide its basic food needs. Therefore, the government has announced several schemes and benefits to boost … Read more

Tax On Gifts In India: Exemption & Criteria

Tax On Gifts In India Exemption & Criteria

Gifting has been an integral part of Indian culture and has been looked up to as a symbol of love and affection. At certain times, gifting also signifies social status. However, in some cases, the value of expensive gifts like jewelry, residential property, paintings, artifacts, etc., can be substantial. So in this blog, we will … Read more

Keyman Insurance Policy- Tax saving Tool

Keyman Insurance Policy- Tax saving Tool

When a family’s primary breadwinner passes away, his or her death benefits might assist cover the costs of the household. This is a well-known fact.  However,  The idea that life insurance may perform a similar function in the version of Keyman insurance for businesses is less widely understood. In this article, you will understand the … Read more

Benefits of Filing Income Tax Return on Time

Benefits of Filing Income Tax Return on Time

Income tax returns (ITR) are only necessary for India if an individual’s taxable revenues exceed the Rs 2.5 Lakhs exemption threshold for the fiscal year. NIL tax returns are not required for individuals whose gross income falls below this threshold. However, it’s still a good idea to file a tax return even if your tax … Read more

Union Budget 2022: Hike in Tax Exemption Limit for NPS

Union Budget 2022 Hike in Tax Exemption Limit for NPS

With the goal of supporting macroeconomic growth, the Union Budget also aims to provide all-inclusive benefits at the microeconomic level as well, said the Union Finance Minister Smt Nirmala Sitharaman while presenting the 2022-23 Union Budget in Parliament on 1st February 2022. As a result, there were several new benefits offered for Taxpayers in India. … Read more

Reduction in MAT for Cooperative Societies : Union Budget 2022

Reduction in MAT for Cooperative Societies Union Budget 2022

On February 1st, 2022, the Finance Minister delivered the Union Budget 2022. There were no adjustments to the tax slab rates for individual taxpayers, but the budget speech introduced new tax laws for cooperative societies. Let’s understand the latest update for Reduction in MAT for cooperative societies. What is a Cooperative Society? Members of a … Read more