Justification Report

Justification Report - TDS Filing Justification report is submitted while processing the statement filed by the deductor during a particular quarter of the financial year. Justification report consists of various defaults or errors identified by the Income Tax Department when…

Reporting Portal

Reporting Portal Reporting portal was introduced by the Income Tax department under the Project Insight platform to provide an interface between the reporting entities and Income Tax department. In this article, we look at the reporting portal in detail with…

Income Tax Refund Status

Income Tax Refund Status Income tax refunds are initiated when the taxpayer has deposited payments which exceed his/her actual tax liability. It is calculated by considering the total income of the taxpayer, the deductions and exemptions at the time of…

Form 16B – TDS Certificate for Sale of Property

Form 16B - TDS Certificate for Sale of Property Form 16B is a TDS Certificate which certifies the amount of tax deducted at source during a property purchase is deposited by the buyer with the Income Tax department. To put…

Double Taxation Relief

     Double Taxation Relief Double taxation refers to the phenomenon of taxing the same income twice. This occurs when the same income related to an individual is treated as being accrued, arising or received in more than one country.…

Tax-Free Gratuity Limit

Tax-Free Gratuity Limit Gratuity is a sum of money paid to an employee at the cessation of his/her employment. The Payment of Gratuity, Act, 1972, was brought into force to facilitate the gratuity payment to employees engaged in factories, mines, oilfields,…