Understanding the Types of Assessments in Income Tax: A Comprehensive Guide

Understanding the Types of Assessments in Income Tax: A Comprehensive Guide

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Assessment is a crucial part of the income tax system, which is used by tax authorities to calculate the tax liability of an individual...
A Beginner's Guide to PGBP Income Tax Scheme for Small Business and Professionals

A Beginner’s Guide to PGBP Income Tax Scheme for Small Business and Professionals

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Understanding the Provisions of Presumptive Taxation Scheme for Business Professionals (PGPB) under Income Tax The government of India has introduced various provisions for the convenience...
Understanding TDS on Advocate Fees: Regulations, Exemptions, and Refunds

Understanding TDS on Advocate Fees: Regulations, Exemptions, and Refunds

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TDS on Advocate Fees: Understanding the Basics Tax Deducted at Source (TDS) is a method of collecting tax at the time of payment of certain...
form 61b applicability

Form 61B: Applicability and Key Points for Taxpayers in India

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Understanding Form 61B Applicability: A Guide for Taxpayers Form 61B is an important tax form that is required to be filed by certain taxpayers in...
Everything You Need to Know About Form 10A of the Income Tax Act

Everything You Need to Know About Form 10A of the Income Tax Act

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Form 10A of the Income Tax Act: An Overview Form 10A is a form used to apply for registration of charitable or religious trusts, under...
agriculture tax free state in india

Agricultural Income Tax in India: Understanding Exemptions and Benefits

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India is an agricultural country where agriculture contributes to the major portion of the GDP. Agriculture is the backbone of the Indian economy, and...
Understanding Section 35D of the Income Tax Act: Deduction for Preliminary Expenses

Understanding Section 35D of the Income Tax Act: Deduction for Preliminary Expenses

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INTRODUCTION Section 35D of the Income Tax Act, 1961, provides for the amortization of certain preliminary expenses incurred by a business or profession. These expenses...
sole proprietorship tax benefits

Understanding the Tax Benefits of Sole Proprietorship

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Introduction When it comes to starting a business, one of the most popular and simplest forms of ownership is the sole proprietorship. This type of...
Understanding Accrued Income: What It Is and Why It Matters

Understanding Accrued Income: What It Is and Why It Matters

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Accrued income is a term that refers to income that has been earned but not yet received. It can also be called accrued revenue...
Understanding Section 35D of the Income Tax Act: Eligibility, Benefits, and Limitations

Understanding Section 35D of the Income Tax Act: Eligibility, Benefits, and Limitations

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Introduction The Income Tax Act, 1961 is the primary legislation that governs the taxation of individuals, businesses, and other entities in India. Section 35D of...