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Section 80D and 80DD of Income Tax Act, 1961

Section 80D of Income Tax Act, 1961.This section is related to Deduction from income for Medical insurance premium paid and Preventive health check up taken. Section 80D ApplicabilityOnly Individual or HUF can claim deduction under Section 80D.1. Medical InsuranceM[...]

All about Remunerations to Partners in an LLP

Ever wondered how much remuneration or interest to partner is allowable in a Limited Liability Partnership (LLP)? Yes, then this article is definitely for you. So, without further ado, let us get started with the article. Interest payable to partners shall not exceed 12% per annu[...]

Residential Status under Income Tax Act, 1961

Residential Status and Incidence of Tax on Income under Income Tax Act, 1961The residential status of a person is required to be determined for each assessment year in order to determine the scope of total income. The basis of determination of residential status in respect of eac[...]

All You Need to Know about 15CA and 15CB Certificate

It is known to everyone that a banker will ask for Form 15CA certificate and 15CB certificate, while making foreign payments. 15CA certificate is required to be furnished by a person who is willing to make payment to non-resident, any sum chargeable to tax under the provisions of[...]

What are the Different Types of Returns?

We are all aware off our income tax returns, but that is not the only returns that we should be concerned with. To give you a picture, here are the different types of returns:Late FilingReturn filing is mandatory under GST. Even if there is no transaction, you must file a Nil ret[...]

All About Income Tax Notice under Sec 142 and 143

A lot of questions are due regarding Section 142 and Section 143 of Income Tax Act 1961. Yet, they remain some of the most under-discussed topics. So, in this article, we will discuss Section 142 and Section 143 of Income Tax Act 1961.Section 142(1): Preliminary Enquiry before an[...]

Refund under GST as per Section 54

What can be claimed as Refund:ANY balance amount in electronic ledger so claimed in returns,ANY unutilized input tax credit (weather supply has been made as Zero-rated or Taxable supply but can’t be  claimed if supply is NIL Rated or EXEMPTED)Tax paid by any specified agen[...]

What are the Pros and Cons of GST?

GST (Goods and Services Tax) was introduced on 1st July 2017 as an indirect tax to replace all other forms of taxes that were previously applicable. As promising as this new taxation system may seem to be, it also has its shortcomings. Let us have a look at the pros and cons of [...]

What Income Tax Laws NRIs should be aware of?

So, you are an NRI (Non-Resident Indian) living abroad, working in an MNC or running your own business. You probably don’t even know the income tax laws of India. After all, you won’t be needing them, right? If you think like that then you need to change your point of view. H[...]

Things to do When You get an Audit Notice

Let's face it, tax audits are tedious and every entrepreneur tries to avoid any such procedures. But, what if you get a notice regarding tax audits? How much do you know about tax audits? Do you know what to if you get a notice for a tax audit? Even in a city like Bangalore, whic[...]


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