How do I know if I have an Income Tax Notice?

    How do I know if I have an Income Tax Notice? When a taxpayer files an Income Tax Return (ITR) with the department, the department processes the return. It may issue a notice to the taxpayer, which could…

What happens if we do not respond to Income Tax Notice?

What happens if we do not respond to Income Tax Notice? Income Tax Notice is a correspondence sent by the Income Tax (IT) Department when they want to raise an inquiry against the returns filed by the taxpayer. There are…

What is Income Tax Notice?

What is Income Tax Notice? An Income Tax (IT) Notice is a communication sent by the Income Tax Department when they have questions or need more information about a previously filed Income Tax Return(ITR). These notices may ask the taxpayer…

Reduced Rate Of EPF Contribution & Impact On Stakeholders

Reduced Rate Of EPF Contribution & Impact On Stakeholders The cash flow crunch due to the imposition of the Covid -19 national lockdown across the nation has drove the Indian Government to announce the Atmanirbhar Bharat Stimulus Package that also…

Section 94A of Income Tax Act

Section 94A of Income Tax Act Section 94A of the Income Tax Act empowers the Indian Government to issue a notification to any of the applicable countries that fail to provide assistance in relation to the issue of the mandatory…

Income Tax for Freelancers

Income Tax for Freelancers Freelancing has emerged over the past few years as a significant source of income for several taxpayers across India, especially for the younger generation. The significant advantage that the freelance sector has is the benefit of…

Section 80-IAC: Tax Incentives for Startups

Section 80-IAC: Tax Incentives for Startups To initiate the development of startups in India and provide a competitive platform for businesses which are newly established to thrive amidst the aggressive business atmosphere, the Government of India has introduced Section 80-IAC…

Section 80GGC of Income Tax Act

Section 80GGC of Income Tax Act Section 80GGC of the Income Tax Act provides a deduction for taxpayers who have made donations to political parties. The quantum of contribution can be extended upto a maximum of 10% of the Gross…

Section 80P – Income Tax

Section 80P - Income Tax Section 80P is a section in the Income Tax Act which offers a tax deduction for co-operative societies which are engaged in the specified agricultural activities. Section 80P deduction is available only to primary agricultural…

Section 193 of Income Tax Act

Section 193 of Income Tax Section 193 of the Income Tax Act mandates the withholding of tax at source on the interest earned from securities. In this article, we provide a brief description of Section 193 of the Income Tax…