139(9): What is Defective Notice & How to Respond to It?
When doing something complex like submitting income tax forms, making an error or two is very acceptable. We might occasionally forget to...
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Dipali Waghmode
Aug 1611 min read
Section 40A(3) of the Income Tax Act
In today’s digital age, the Income Tax Act promotes transparency and accountability in financial transactions by discouraging large cash...
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Rajesh Kumar Kar
Aug 169 min read
Income Tax Surcharge and Marginal Relief
As taxpayers move into higher income brackets, they often encounter additional tax liabilities in the form of a surcharge. A surcharge is...
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Indrajeet Sharma
Jul 3011 min read
GST vs. Income Tax: Understanding the Difference
Income tax and the Goods and Services Tax (GST) are two distinct tax regimes with distinct goals. Aiming to streamline the tax system by...
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Indrajeet Sharma
Jul 307 min read
KYC Status Check: A Detailed Overview
Know Your Customer, or KYC, is the procedure by which a financial institution confirms the identification of its clients and assesses...
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Rashmita Choudhary
Jul 309 min read
Senior Citizen Savings Scheme: A Guide for Money-Savvy Individuals
Senior Citizen Savings Scheme (SCSS) is an official savings plan offered by the government to people who are older than sixty. In an...
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Rajesh Kumar Kar
Jul 307 min read
What are the Disadvantages of Senior Citizen Savings Scheme?
In India, retirees prefer the Senior Citizen Savings Scheme (SCSS) because of its stability and safety in the long run. Nonetheless, SCSS...
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Rashmita Choudhary
Jul 308 min read
Section 194T: TDS on Payment by Partnership Firm to Partners
Tax compliance is a critical aspect of running a successful partnership firm in India. The Income Tax Act, 1961, provides the legal...
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Rashmita Choudhary
Jul 297 min read
Challan ITNS 281: How Employers Pay TDS to the Government
Employers utilise TDS Challan 281 to submit tax deducted at source (TDS) on employee salaries to the government. It is used when an...
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Bhavika Rajput
Jul 268 min read
Leave Encashment: Understanding the Tax Implications
Leave encashment is a common benefit offered by employers, allowing employees to encash their unused leave days either during their...
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