The Government has implemented several profit-associated deductions and incentives in order to stimulate investment in diverse businesses. Taxpayers who are eligible for such deductions/incentives will either become zero-tax firms or will pay marginal tax notwithstanding their ability to pay regular tax. The government also requires a regular/consistent inflow of tax income, which is one of its […]
The Goods and Services Tax (GST) is designed to restructure India’s entire indirect tax system and make conducting business in the country easier. Over one crore registered firms will be registered as taxable persons under GST and will be needed to comply with different GST compliance criteria with the implementation of GST. The government has introduced […]
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 […]
