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Latest Blogs

  • TCS under Section 206C of the Income Tax Act

    This article provides a detailed overview of the Tax Collection at Source (TCS) provisions under Section 206C of the Income Tax Act, 1961. It covers:
    – The applicable TCS rates for various categories of goods.
    – The TCS rate applied when a Permanent Account Number (PAN) is not provided or is inoperative.
    – The TCS rate applicable to specified persons, particularly non-filers of income tax returns.

    By reading this article, you will gain valuable insights into the key TCS regulations, ensuring you remain compliant and well-informed in your professional dealings.

    May 21, 2024
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  • What is the rule related to showing foreign assets and foreign income in the income tax return? Are there any penalty applicable if this is not shown?

    It is the duty of a Resident Individual under Income Tax rules to disclose his Foreign Assets & income earned abroad while filing the return. It is also important here that even if this income is not taxable in India, it has to be disclosed.

    February 9, 2024
  • RE-ASSESSMENT PROCESS IN INCOME TAX ACT(Section 147, 148, 149)

    Navigating the intricate landscape of reassessment processes in income Tax can be a complex journey. In this article, we break down the intricacies of the reassessment process, unraveling its complexities in simple language accessible to all.
    From the types of cases scrutinized to the recent changes in rules, we aim to demystify the world of income tax reassessment.

    February 2, 2024
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