Taxchanakya

Goods and Services Tax (GST) has revolutionized the way tax is collected in India. One of the key features of GST is its self-assessment system. This means that taxpayers are…

Provisions of SARFAESI Act speaks about recovery procedure in its Sec 13 deals with enforcement of security interest. Sec 14 empowers the Chief Metropolitan Magistrate or District Magistrate to assist…

The following tables will help you understand which ITR forms are taxpayers supposed to fill based on the nature of their income for the Assessment Year 2023-2024 (Financial Year 2022-23)…

At the time of filling Income Tax Return, every assessee need to check residence status to apply provisions of Income Tax and to determine tax liability for that assessment year.…

Taxation in India is a crucial element for the economy of the nation. Various taxes are levied on services and products being availed by the citizens of India. Taxes are meant to…

For the old tax regime,  an individual, who is resident in India, is allowed a tax rebate under section 87A if the total income of such individual does not exceed…

Every Indian Citizen needs to file Income Tax Return if there annual income is more than the specified Income Tax Exemption Limit and other situations specified by Income Tax Act as mentioned…

Reserve Bank of India has release a master circular for all primary urban co operative banks regarding Income Recognition, Assets Classification, Provisioning & Other Relates Maters 1.1 In order to…

The interest you receive from bank accounts and deposits is fully taxable. Thus, the bank is supposed to deduct TDS from it every year if your interest exceeds Rs 40,000. The limit…