In India, the role of an income tax consultant is pivotal, especially given the complex and evolving tax laws. Becoming a top income tax consultant requires a…

1. Introduction Tax auditors play a crucial role in ensuring compliance with tax regulations and maintaining the integrity of the taxation system in India. This statement accurately…

The Income Tax Department sends notices for various reasons, including non-filing of returns, discrepancies in tax return, incomplete, underreported income, tax evasion suspicions, reassessment etc. In case…

The most frequent question asked by any citizen is that why shall he pay any tax? To answer this question, paying taxes is our societal responsibility. The…

Excessive enhancement in the global transactions during the First world war ended way back in 1918-19, turned the table towards the concept of “Transfer Pricing”. The League…

Repo rate – The repo rate is the rate at which the Reserve Bank of India (RBI) lends money to commercial banks in the event of any…

Basics The Term "Income tax" refers to the type of tax that the government imposed on income earned by the person (defined in the Income Tax Act,…

The CBDT has inserted Section 139(8A) Of Income-Tax Act, 1961 and Rule 12AC of Income Tax Rules to furnish an updated return. That is:- “Any person, whether…

UNDERSTANDING BLOCKCHAIN In layman language, Block chain is series of immutable data records that is time stamped and not owned by any single entity or person but…

NOMINATION FACILITY The ability to select someone to inherit the Units they own or the money from their redemption in the case of their death is a…

What are cryptocurrencies? In layman language, cryptocurrencies are digital currencies designed to buy goods and services, similar to our other used currencies. However, since the beginning, it…

The Finance Act, 1994 inserted the Sec. 194-I, regarding deduction of tax from payment of rent. The Government felt that an item of income which needs to…

After globalization, a huge portion of our economy is dependent on import and export business. As a result, there are numerous financial transactions where payment or remittance…

The session began on warm note, with the Finance Minister projecting India's GDP growth at 9.27%, the highest among the world’s major economies. Finance Minister Nirmala Sitharaman…

From 1 June 2013, when a buyer buys immovable property (i.e. a building or part of a building or any land other than agricultural land) for consideration…

Introduction Tax planning is very important in a country like India, where tax laws are perceived to be the second most complex in the Asia-Pacific region. Tax…

On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax…

CBDT has extended various dates for compliances under I.T. Act, 1961 to address the hardship faced by various stakeholders due to COVID 19 . It has notified…

Why do you need a tax consultant? A tax consultant's essential role as a tax advisor is to help people, associations, and organizations pay their taxes. They…

The following amendments introduced vide Finance act 2021. Relaxation in filling ITR of senior citizen having age exceeding 75 years. In order to provide Relief to senior…

The Government of India introduced a new section 80EEB to promote electric vehicles as a measure to combat pollution in the Union Budget of 2019. It provides…

The Prime Minister of India, Shri Narendra Modi on 13th August 2020 launched e-Assessment Scheme, 2019. Thus, any scrutiny assessment carried out on or after 12-09-2019 are…

In this fast growing world of Electronics and Information Technology, Software Technology Parks of India (STPI) scheme has been announced by the Government vide RBI master circular…

Announcement of Faceless Appeal by Government and brief Information about the Faceless Appeal Ministry of Finance introduced Faceless Appeal Scheme 2020 with effect from 25 September 2020…

What is TDS? TDS (Tax Deducted at Source) was introduced to collect tax at the source from where an individual's income is generated. The government uses TDS…

MLI (Multilateral Tool): A multilateral tool is a standard agreement / template, one of the components of the OECD BEPS Project, designed to help implement recommended measures…

At G.K. Kedia & CO., we provide you all the information regarding the various relaxations given by Government in order to boost up the Country’s economy in…

Honourable CM Nirmala Sitharaman as a stimulus to 20 lakh crore economic package , has announced on 14th may 2020 reduction in rates of tax deduction at…

For the Assessment Year 2020-21, every taxpayer except super senior citizen (age 80 years and above) are required to file the income-tax return electronically. Till Assessment Year…

After filing TDS regular return we might get TDS intimation related to: Some interest pending amount (u/s 201(1A), 206C(7)) Late fee penalty (u/s 234E) Short deduction Interest…

On 1 June 2020, Prime Minister Narendra Modi chaired Union Cabinet Meeting. The first meeting of Union Cabinet after Central Government entered into its second year in…

Thinking to sell Residential Property in India? In this blog we have explained the procedure to be adopted by Non-Resident Indians while selling/ transferring the residential property…

Finance Minister Nirmala Sitharaman on February 01, 2020 introduced the Finance Bill 2020 (‘Bill’)wherein changes regarding Taxation of Non-Residents was addressed. Since, it created mayhem therefore it…

Charitable or religious trust The Finance Bill 2020 received President’s consent on 27 March 2020. New sections were introduced and some original sections has been amended in…

The Central Board of Direct Taxes (CBDT) on 21.04.2020 responding to some observations being circulated on social media alleging that the Income Tax Department is pursuing recovery…

Section 80G of Income Tax Act, 1961 deals with the deduction in respect of donation made forcharitable purposes to the assesse while computing the Total Taxable income.…

Issue of certificates for lower rate/nil deduction/collection of TDS or TCS u/s 195, 197 and 206C (9) of the Income Tax Act, 1961 for FY 2020-21 Due…

Income Tax Act, 1961 (hereinafter referred as ‘Act’) provides various rules and regulation which mandates the collection of Tax at source to prevent the evasion of Tax.…

What is Credit Linked Subsidy Scheme. The Government of India launched a scheme that would help the financially- deprived population living in urban areas get a roof…

Rs. 2500 crore EPF Support for Business & Workers for 3 more months Businesses continue to face financial stress as they get back to work after the…

In a Joint Development Agreement (hereinafter referred to as JDA), land owner contributes his land and enters into an arrangement with the developer to develop and construct…

At first, what do we understand with the term tax planning? Tax Planning is the process of practically application of lncome Tax Act, 1961 provision. In other…

In order to enable income taxpayers to avail full benefits of various timeline extensions granted by the Government of India due to lockdown on account of Covid-19…

Income Tax, Refund is determined when you have paid excess tax by way of TDS/TCS, Self-Assessment Tax or Advance Tax against your Gross Tax Liability. For Example:…

Finance Minister Smt. Nirmala Sitharaman presented the first Union Budget of the third decade of the 21st century. The Union Government has spearheaded radical fiscal measures to…

Section 87A of Income-tax Act, 1961 gives maximum rebate in Income-tax of Individuals and HUF of Rs 12,500 to those Assessees whose net taxable income does not…

Income-tax Act, 1961 was brought to tax the income of individuals, Firms, Companies and Association of Person. But in due course of time, corruption entered in the…

Taxation The Indian Taxation system has undergone several reforms, provocative business throughout the country and internationally. Presiding over the tax complexity to escalate the value of the…

People usually argue that hiring a tax consultant is a wastage of money but on the contrary they can prove to be an asset in your life.…

The Income Tax Return Filing is the process of declaring the total income of a person defines under sub clause (31) of clause 2 of Income Tax…

1. ITR-1 (Sahaj) Individual Income Tax Return Not Applicable in case of Non-Residents and not ordinarily resident Not for an individual who is either Director in a…