#Income Tax Act 1961

[thetaxguyin]

Deductions which can be claimed under the New Income Tax Regime

Are you navigating the complexities of tax planning under the new income tax regime? Are you looking to maximize your savings by leveraging all available deductions? Look no further! In this definitive guide, we’ll walk you through the myriad deductions offered under the Income Tax Act of 1961 in the new regime, empowering you to make informed financial decisions and optimize your tax…

[jasmelon]

Taxation Rules for non-residents in India including Foreign Citizens

Incidents of taxation on Income earned by non residents in India depends upon his physical presence in India during last financial year. Whether an income earned by an individual in India or outside India, is taxable in India depending upon his stay in India rather than on his citizenship. Invariably, the person holding foreign citizenship remain under wrong impression that taking up foreign citizenship would help them for obtaining tax benefits. The Income Tax Act 1961 (as amended uptill date “the Act”)does not provide any benefit to an assessee on the basis of  his citizenship.  Read More - https://www.pkpconsult.com/blog/taxation-rules-for-non-residents-in-india-including-foreign-citizens.html

[sonalj]

Income Tax Act 1961 Of India: Everything You Need To Know

What is the Income Tax Act 1961? Before starting with the introduction of Indian Income Tax Act 1961, let us first understand what income tax is and explore what the features of income tax in India are.

It is a type of direct tax levied on the income of people. This means that the person who earns the income must pay the tax themselves and cannot transfer the burden on someone else. So, if income tax is levied on you, you will be responsible for paying it to the government. Moreover, it is a progressive taxation system, meaning that it is based on your ability to pay. If you earn more, you will typically pay more tax.

Income tax is a source of income for the government and sets the foundation for the economic development of the country. But who should pay this tax, and at what rate? What is the process that must be followed? Should there be penalties for non-payment, and who should administer them?

The above questions can overwhelm tax authorities and citizens. Therefore, the government follows the Income Tax Act of 1961, which is comprehensive legislation stating all income tax-related rules. It has several provisions spread across 23 chapters and 298 sections. This Act replaced the earlier Income Tax Act of 1922 to govern the assessment, levy, administration, and collection of income tax.

[indilegalonline]

Section 24 of Income Tax Act

Section 24 of Income Tax Act –Deductions from income from house property Income chargeable under the head “Income from house property” shall be computed after making the following deductions, namely:—  (a) a sum equal to thirty percent of the annual value;  (b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any…

[scbhagat]

Tax Auditors in India

Understanding Tax Auditors in India

A tax audit is a crucial process that ensures businesses and individuals comply with the provisions of the Income Tax Act, 1961. It involves reviewing financial records, transactions, and statements to verify accuracy and adherence to tax regulations. In India, tax audits are conducted under Section 44AB of the Income Tax Act, and they are mandatory for businesses and professionals exceeding specified turnover or gross receipts limits.

Why Choose SC Bhagat & Co. for Tax Auditors in India?

SC Bhagat & Co. is a leading tax auditing firm in India with a team of experienced chartered accountants who provide professional and reliable tax audit services. Here’s why businesses and individuals trust SC Bhagat & Co. for their tax auditing needs:

Expertise in Tax Compliance

SC Bhagat & Co. ensures that businesses comply with the latest tax laws and regulations, minimizing the risk of penalties and legal issues.

Comprehensive Audit Services

The firm provides detailed audit reports that help businesses understand their financial position and tax liabilities while ensuring adherence to regulatory requirements.

Customized Solutions

Every business has unique financial structures and tax obligations. SC Bhagat & Co. offers tailored audit solutions that suit specific business needs.

Accuracy and Transparency

The firm follows a meticulous approach to reviewing financial statements, ensuring transparency and accuracy in tax filings.

Timely Compliance and Reporting

With SC Bhagat & Co., clients can rest assured that their tax audit reports will be prepared and submitted on time, avoiding last-minute hassles.

Who Needs a Tax Auditors in India?

According to the Income Tax Act, tax audits are mandatory for:

Businesses with a turnover exceeding ₹1 crore (subject to amendments in tax laws).

Professionals with gross receipts exceeding ₹50 lakhs.

Businesses opting for the presumptive taxation scheme under Section 44AD and reporting profits lower than the prescribed percentage.

Benefits of Conducting a Tax Auditors in India

Ensures Compliance: Avoids legal issues and penalties for incorrect tax filings.

Identifies Financial Discrepancies: Helps businesses detect errors or fraud in financial statements.

Reduces Tax Liabilities: Proper tax planning through audits can help reduce unnecessary tax burdens.

Enhances Business Credibility: A well-audited financial statement improves trust among stakeholders, investors, and financial institutions.

Conclusion

For businesses and professionals looking for reliable Tax Auditors in India, SC Bhagat & Co. stands out as a trusted partner. With their in-depth expertise, commitment to compliance, and client-centric approach, they ensure that tax audits are conducted efficiently and accurately.

If you need professional tax audit services, contact SC Bhagat & Co. today to ensure your financial compliance and business growth.

[ujaglobaladvisory]

Taxation of Bitcoins and Cryptocurrencies in 2025

Cryptocurrencies like Bitcoin have become increasingly popular as both investments and means of transaction. However, their tax treatment can be complex. Understanding how cryptocurrencies are taxed is crucial to staying compliant and avoiding potential penalties. Here’s a comprehensive guide to how Bitcoin and other cryptocurrencies are taxed in 2025. 

In India, the taxation of Bitcoin and other virtual digital assets (VDAs) is primarily governed under Section 115BBH of the Income Tax Act, 1961, which was introduced in the Finance Act 2022. This section and its provisions outline the tax treatment of income arising from the transfer of virtual digital assets, including cryptocurrencies like Bitcoin. 

To know more blog insights, check the link https://uja.in/blog/taxation-times/taxation-of-bitcoins-and-cryptocurrencies-in-2025/

[raindropsofloev]

mera dushman?

INCOME TAX ACT 1961

[pkchopraco-blog]

Income Tax Audit in India

What is a Income Tax Audit in India? Under Section 44 AB of the Income Tax Act, 1961, provision of Income Tax Audit is covered. Income Tax Audit is a way to examine an individual’s organization tax returns by any outside agency. Income Tax Audit done to verify all income

Income Tax Audit in India | Income Tax Audit in Delhi

[jjtax]

Navigating Business Compliance in India: A Complete Guide

Starting and running a business in India is an exciting journey, but it comes with a complex web of regulations. From taxes to labor laws, environmental norms to intellectual property rights—compliance is key to smooth operations and avoiding penalties. Let’s break it down.

📌 Tax Compliance

Income Tax Act, 1961: Businesses must file ITRs on time, deduct TDS properly, and follow tax audit rules. Transfer pricing and international tax regulations also apply.

GST Compliance: GST has replaced multiple indirect taxes. Businesses must obtain GST registration, file returns, claim input tax credit, and generate e-way bills for inter-state transactions.

👥 Labor & Employment Laws

Ensure minimum wages are paid and labor regulations are met.

Contribute to EPF & ESI for employee benefits.

Provide maternity benefits and ensure a safe workplace (POSH compliance).

Maintain attendance & wage records while adhering to work hours, overtime, and leave policies.

🏢 Company Law Compliance

The Companies Act, 2013 governs incorporation, operations, and winding up of businesses.

Hold board & shareholder meetings, appoint independent directors, and comply with financial reporting rules.

Maintain statutory records, file annual returns, and follow FEMA guidelines for foreign exchange compliance.

🌱 Environmental Compliance

Obtain necessary environmental clearances under the Environment Protection Act, 1986.

Follow Air & Water Pollution Control Acts—set up pollution control systems and report emissions.

Manage waste disposal responsibly under the Hazardous Waste Rules, 2016.

🔏 Intellectual Property Rights (IPR)

Register patents, trademarks, copyrights, and designs to protect your business assets.

Take legal action against infringement and license your IP for additional revenue streams.

🚀 Stay Compliant, Stay Ahead!

Business compliance isn’t just a legal necessity—it protects your company, employees, and consumers. Stay updated with regulatory changes and make compliance a part of your strategy.

At JJ Tax, we make compliance easy for businesses of all sizes. Whether you're a startup or an established enterprise, our expert team ensures you meet all regulatory requirements hassle-free.

👉 Need compliance support? Visit www.jjfintax.com, and let’s simplify compliance together.

Download the JJ TAX APP

[thetaxguyin]

Late Fees for Default in Filing Income Tax Returns

Filing income tax returns is a crucial responsibility for taxpayers, ensuring compliance with the provisions of the Income Tax Act of 1961. However, failure to file returns within the stipulated deadline may attract late fees and penalties. In this blog post, we explore the implications of late fees for default in filing income tax returns, shedding light on the provisions laid down under the…

[sasiblogs]

Limited Liability Partnership (LLP) Annual Compliance

Limited Liability Partnerships (LLPs) have gained popularity among businesses due to their hybrid structure, combining the benefits of both partnerships and companies. While LLPs offer limited liability to their partners and operational flexibility, they are required to comply with certain annual obligations to ensure transparency and legal compliance. Failing to meet these requirements can lead to penalties and legal consequences. This article provides a comprehensive guide on LLP annual compliance in India.

Importance of Annual Compliance for LLPs

Annual compliance is essential for LLPs to maintain their legal standing and avoid penalties. It helps in:

Ensuring legal recognition and good standing of the LLP

Avoiding hefty penalties imposed by regulatory authorities

Enhancing credibility and trustworthiness in the business environment

Keeping financial records updated and accurate

Mandatory Annual Compliance Requirements for LLPs

1. Filing of Annual Return (Form 11)

Due Date: May 30 of every financial year

Applicability: Every LLP must file Form 11 with the Ministry of Corporate Affairs (MCA), irrespective of whether the LLP has undertaken any business activity during the financial year.

Details Required: Partners' details, contributions, and changes in management structure (if any).

2. Statement of Account & Solvency (Form 8)

Due Date: October 30 of every financial year

Applicability: LLPs must submit Form 8, which includes details about the financial position and solvency status of the LLP.

Details Required: Statement of assets and liabilities, declaration of solvency, and partner authentication.

Penalty for Non-Compliance: A fine of Rs. 100 per day without an upper limit until compliance is met.

3. Income Tax Return Filing

Due Date:

July 31 (if tax audit is not applicable)

October 31 (if tax audit is applicable)

Applicability: Every LLP must file its income tax return regardless of whether it has taxable income.

Form Used: Form ITR-5

4. Tax Audit (if applicable)

LLPs with an annual turnover exceeding Rs. 1 crore must get their accounts audited under the Income Tax Act of 1961.

The tax audit report must be filed before October 31.

5. GST Compliance (if applicable)

LLPs registered under GST must file monthly, quarterly, or annual GST returns based on their registration type.

Non-filing can result in penalties and interest.

Consequences of Non-Compliance

Failing to meet LLP annual compliance obligations can result in:

Penalties starting from Rs. 100 per day for non-filing of MCA returns.

Late filing fees for income tax returns.

Disqualification of partners in case of repeated defaults.

LLPs may be struck off from the MCA records for continuous non-compliance.

Conclusion

Annual compliance Limited Liability Partnership is a crucial aspect of running an LLP. Regular adherence to filing requirements ensures that the LLP remains in good standing, avoids unnecessary penalties, and operates smoothly. LLPs should consider seeking professional assistance from Chartered Accountants (CAs) or Company Secretaries (CS) to ensure timely compliance and hassle-free business operations.

[sonalj]

What is the Income Tax Act 1961? Before starting with the introduction of Income Tax Act 1961, let us first understand what income tax is and explore what the features of income tax in India are.

It is a type of direct tax levied on the income of people. This means that the person who earns the income must pay the tax themselves and cannot transfer the burden on someone else. So, if income tax is levied on you, you will be responsible for paying it to the government. Moreover, it is a progressive taxation system, meaning that it is based on your ability to pay. If you earn more, you will typically pay more tax.

Income tax is a source of income for the government and sets the foundation for the economic development of the country. But who should pay this tax, and at what rate? What is the process that must be followed? Should there be penalties for non-payment, and who should administer them?

[indilegalonline]

Section 16 of Income Tax Act 1961

Section 16 of Income Tax Act 1961-Deductions from salaries The income chargeable under the head “Salaries” shall be computed after making the following deductions, namely :—   (i) [***] (ia) a deduction of fifty thousand rupees or the amount of the salary, whichever is less;  (ii) a deduction in respect of any allowance in the nature of an entertainment allowance specifically granted by an…

[varunnair]

Want to avail 100% tax exemption for your startup? Register under Startup India now!

If you want to avail a 100% tax exemption for your startup, you should register under the Startup India initiative. The Income Tax Act, 1961, provides eligible startups with a tax holiday for three consecutive years under Section 80-IAC. To qualify, your startup must be recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) and meet specific criteria, such as being incorporated as a Private Limited Company or LLP, having an annual turnover of less than ₹100 crore, and being involved in innovation or improvement of products, services, or processes. Additionally, you can benefit from other incentives like self-certification, fast-tracked patent applications, and easier compliance. Register today on the Startup India portal to maximize your benefits and boost your entrepreneurial journey!