Are you in one of the higher income tax brackets, such as the 30 percent top rate? – If you responded yes, your Income Tax liability will be subject to an extra surcharge. To put it another way, an income tax surcharge is an additional tax imposed on people who earn more than a specific amount.
With […]
To provide the complete details of income for the relevant financial year, all assessee must file income tax returns with the Income Tax Department. Once the assessee has filed such a return, the next step is for the Income Tax Department to examine it and determine whether it is correct. Assessment is the process of […]
Section 16 of the Income Tax Act of 1961 allows for a deduction from taxable income under the heading of “salaries.” It allows for basic deductions, entertainment allowances, and professional tax deductions. A salaried taxpayer can use this deduction to reduce the amount of taxable salary income that is subject […]
The Direct Tax Vivad se Vishwas (DTVSV) Scheme was announced during the Union Budget of 2020 to allow for dispute resolution in outstanding income tax disputes. For the e-Filing of the DTVSV Form, the Central Board of Direct Taxes has established an online filing mechanism. Taxpayers who want to use the direct tax dispute resolution service […]
Form 10E is a form that must be filed by taxpayers to claim relief under section 89(1) of the Income Tax Act. Form 10E helps in calculating tax outflow on any arrears of income received from changes in taxation rules applicable in both the years, year of receipt, and the year to which such income pertains. […]
MAT stands for Minimum Alternate Tax, and it was created to close (if not completely close) the gap between tax liability and book profits. Let’s look at how MAT tax planning works in this article.
The Income Tax Act imposes a Minimum Alternative Tax. The MAT concept was created to […]
