The Income Tax Department sends a notice for different reasons. These can include not filing your tax return, mistakes in your return, missing information, reporting less income than you should, suspicions of tax cheating, checking past filings, and other issues.A notice under section 142(1) is sent when you haven’t filed your return or when the department needs more … [Read more...] about Income tax Inquiry Notice before Assessment of Tax: Section 142(1)
A Simple Guide to Understanding Pledging in the Stock Market
Pledging shares is a concept that might sound complicated, but it’s actually a straightforward way for individuals and companies to raise money by using their stocks as collateral for loans. In this guide, we’ll explain pledging in simple terms, so you can understand how it works, its advantages, and the risks involved.What is Pledging Shares?Pledging shares means … [Read more...] about A Simple Guide to Understanding Pledging in the Stock Market
A Beginner’s Guide to Getting Business Licenses in India
Starting a business in India can be exciting and rewarding. However, before you start selling products or offering services, there are some legal steps you must take. One of the most important steps is getting the right business licenses. These licenses are essential for ensuring your business follows the law, stays compliant, and avoids any legal troubles.In India, … [Read more...] about A Beginner’s Guide to Getting Business Licenses in India
TDS on Monetary and Non-Monetary Benefits: Section 194R
Section 194R of the Income Tax Act was introduced in the Union Budget of 2022. This rule requires businesses to deduct TDS (Tax Deducted at Source) on benefits provided in kind, making it harder to evade taxes and misreport income.Applicability of Section 194RSection 194R deals with the taxation of both monetary and non-monetary benefits (also known as perquisites) that … [Read more...] about TDS on Monetary and Non-Monetary Benefits: Section 194R
Understanding Section 148 Notices: What You Need to Know About Income Tax Reassessments
Before the tax officer makes any adjustments to your tax assessment, they will first send you a notice. This notice will request you to provide your income details or the income details of someone you are responsible for, and you'll need to do so within a specific deadline.You must submit your income tax return or the requested income details as stated in the notice. If you … [Read more...] about Understanding Section 148 Notices: What You Need to Know About Income Tax Reassessments