The Income Tax Department's data from the financial year 2000-01 to 2023-24 provides an in-depth analysis of India's tax revenue generation trends, specifically from direct taxes. This collection includes figures for corporate taxes, personal income taxes, and other direct taxes, showcasing how the country’s tax landscape has evolved. Here, we look at various aspects … [Read more...] about Income Tax Collection in India: Trends and Insights (2000-2024)
How to adjust TDS and TCS from other sources against salary TDS?: Form 12BAA
To carry out the Budget 2024 plan about adjusting TDS and TCS from other sources against salary TDS, the Central Board of Direct Taxes (CBDT) has released a new form called Form 12BAA.According to a press release from PIB on October 17, 2024, the CBDT has updated the Income-tax Rules, 1962, with Notification No. 112/2024. This introduces Form No. 12BAA, which employees must … [Read more...] about How to adjust TDS and TCS from other sources against salary TDS?: Form 12BAA
Interest on Delayed Advance Tax Payments: Section 234C Explained
To ensure smooth tax payments, the Income Tax Act has set up rules for paying advance tax. Taxpayers must pay their advance tax in four installments. If there’s any delay in these payments, a penal interest will be charged under Section 234C of the Income Tax Act.What is Section 234C?Section 234C of the Income Tax Act requires taxpayers to pay their advance … [Read more...] about Interest on Delayed Advance Tax Payments: Section 234C Explained
Interest on Late Advance Tax Payments: Section 234B Explained
According to the Income Tax Act of 1961, if someone doesn't follow the tax rules, they may have to pay penalties. These penalties include interest on unpaid tax amounts. Section 234 outlines these penalties, and specifically, Section 234B deals with interest charged for not making advance tax payments on time, especially if the taxpayer fails to pay online.Understanding … [Read more...] about Interest on Late Advance Tax Payments: Section 234B Explained
T+1 Settlement Cycle Explained: How Stock Trades Settle Faster in India Now
I bought shares yesterday. Why aren’t they showing in my Demat account?I sold my stocks today—when will I actually get the money?T+1? Is that a tax code or a railway ticket class?If questions like these have ever crossed your mind, you’re not alone—and you’re definitely not the only one who felt too shy to ask.For many Indians stepping into the stock market for … [Read more...] about T+1 Settlement Cycle Explained: How Stock Trades Settle Faster in India Now