Tax Articles

Section 80JJAA of the Income Tax Act provides formal sector employers tax deductions on their business income. This deduction is also known as the 80JJAA deduction. 80JJAA of the Income Tax Act is a special provision formed to encourage employers...

Whenever one talks about income, paying taxes and filing income tax returns are important components.  Income Tax Return or ITR can be filed with the help of a form in which one can disclose their earned income and the resulting...

If someone has failed to file your Income Tax Returns (ITR) or has failed to e-verify before the due date, filing a condonation request can be helpful.  Condonation Request Meaning  In India, the annual deadline for filing ITR is July...

MAT tax, or Minimum Alternate Tax, ensures that enterprises pay a minimum tax amount to the Government of India (GoI). MAT income tax was introduced by the Finance Act 1996.  The current MAT tax provisions were introduced in Finance (No.2)...

Section 269SS of the Income Tax Act is about cash deposits, loan repayment or specific account deposits. It acts like a watchdog for tax evasion using unfair means like cash deposits and concealing deposit information on the face of loan...

Ideally, taxpayers should ensure that they are filing their Income Tax Returns (ITR) on time. However, failing to do so can attract a penalty for late ITR filing. Section 234F of the Income Tax Act is all about the late...

Section 26ST of the Income Tax Act comes into power when a person receives a cash amount of ₹2 lacs or more. Sec 269ST states that no individual shall receive a cash amount of more than ₹2 lacs in aggregate...

What is TDS ? In the case of certain incomes, a tax is required to be deducted at source by the payer before making the payment. The rates have been specified under the income tax act under various categories. There...