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Income Tax

Practical guides to returns, tax audit, assessments and notices.

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Income Tax

485 articles
Section 194R Business Benefits TDS, ₹20,000 Limit, CBDT Guidelines, Dealer Incentives & Compliance

Section 194R TDS on Business Benefits & Perquisites: CBDT Guidelines, Valuation Rules & Compliance Guide

Exhaustive practitioner guide to Section 194R TDS on benefits or perquisites arising from business or exercise of profession. Explains the ₹20,000 monetary threshold, CBDT Circulars No. 12/2022 and 18/2022, dealer incentives, free foreign travel, product sampling, cash-vs-kind withholding mechanics, nexus test, Form 26Q reporting, and risk management with assureTax, assureITR, and assureNotice.

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Section 194N Cash Withdrawal TDS, ₹1 Cr Limit, 2%/5% Non-Filer Rates & Banking Exemptions Guide

Section 194N TDS on Cash Withdrawals: ₹1 Cr & ₹20 Lakh Limits, Non-Filer Rates & Banking Guide

Exhaustive practitioner guide to Section 194N TDS on cash withdrawals from banks and post offices. Details the ₹1 Crore threshold for regular filers, lower ₹20 Lakh threshold and 2%/5% rates for non-filers under first proviso, banking aggregation across branches, exempt recipients (APMC traders, White Label ATM operators, authorized money changers), Form 26AS/AIS reconciliation, and cash flow defense with assureTax, assureITR, and assureNotice.

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Section 56(2)(viib) Angel Tax, Finance Act 2024 Abolition, Rule 11UA Valuation & Past Assessments

Section 56(2)(viib) Angel Tax Abolition & Past Assessment Defense: Rule 11UA & DPIIT Guide

Comprehensive masterclass on Section 56(2)(viib) Angel Tax under the Income-tax Act, 1961 and its abolition by Finance (No. 2) Act, 2024 effective 1st April 2025. Details the taxation of share premium exceeding fair market value, Rule 11UA valuation methods (DCF vs NAV, 10% safe harbour band, merchant banker rules), DPIIT startup exemptions, defense strategies for pending assessments under Section 143(3)/147, and cross-border valuation modeling with assureTP and assureTax.

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Section 197 Form 13, NRI Lower TDS Certificate, Sale of Immovable Property, Capital Gains Tax

Lower Deduction Certificate under Section 197 (Form 13): Complete Guide for NRIs Selling Property in India

An exhaustive international tax and cross-border real estate guide for Non-Resident Indians (NRIs) selling immovable property in India. Explains why Section 195 mandates flat 20% (plus surcharge & cess) TDS on gross sale consideration, the procedure to apply for a Lower or Nil Deduction Certificate under Section 197 via Form 13 on the TRACES portal, capital gains computation, and saving lakhs in trapped liquidity.

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Home Loan Tax Benefit, Section 24b Interest Limit, Section 80C Principal, Joint Borrowers Rules

Home Loan Tax Benefits: Section 24(b) ₹2 Lakh Interest, Section 80C Principal, and Joint Borrower Rules

A comprehensive personal tax optimization guide for Indian home buyers, salaried employees, and joint property owners. Covers Section 24(b) ₹2,00,000 interest deduction limits on self-occupied properties, Section 80C ₹1,50,000 principal repayment rules, pre-construction interest amortization in 5 installments, doubling deductions for joint co-borrowers, and navigating the Old vs New Tax Regime.

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Section 269SS & 269T Cash Loans, ₹20,000 Threshold, Journal Entries & Section 271D/271E Penalties

Section 269SS & Section 269T Cash Loan Restrictions: ₹20,000 Limit, Journal Entries & Penalty Guide

Exhaustive practical masterclass on Section 269SS and Section 269T cash acceptance and repayment restrictions under the Income-tax Act, 1961. Details the ₹20,000 aggregate threshold across loans, deposits, and specified sums (immovable property advances), 100% equal penalty provisions under Section 271D and Section 271E, book journal entry controversy and High Court rulings, 'reasonable cause' defense under Section 273B, and tax audit reporting under Form 3CD Clause 31 with assureTax.

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Section 50C Stamp Duty Valuation, 10% Safe Harbour, DVO Reference & Section 43CA/56(2)(x) Interplay

Section 50C Stamp Duty Valuation: 10% Safe Harbour, DVO Reference & Section 43CA Guide

Comprehensive masterclass on Section 50C deemed consideration for land and building transfers under the Income-tax Act, 1961. Details the 10% safe harbour band, agreement date vs registration date circle rates (advance banking proviso), disputing circle rates before the Assessing Officer and DVO references under Section 50C(2), interplay with Sections 43CA and 56(2)(x), and capital gains planning with assureTax and assureITR.

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Section 54F Capital Gains Exemption, ₹10 Crore Ceiling, Capital Gains Account Scheme & Lock-In

Section 54F Capital Gains Exemption: ₹10 Crore Cap, One Residential House Rule & CGAS Guide

Exhaustive practical guide on Section 54F long-term capital gains exemption on transfer of any long-term capital asset other than a residential house. Details the proportional investment formula, ₹10 Crore statutory cap under Finance Act 2023, the 'not owning more than one residential house' eligibility condition, Capital Gains Account Scheme (CGAS) 1988 deposit rules, 3-year lock-in period, and tax modeling with assureITR and assureTax.

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Section 194Q TDS, Section 206C(1H) TCS, Sale of Goods 0.1%, ₹50L Limit, Higher Rates 206AB 206CCA

Section 194Q TDS vs Section 206C(1H) TCS on Sale of Goods: Turnover Thresholds, Overlapping Rules, and Audit Reconciliation

An exhaustive tax audit and corporate compliance guide on Section 194Q (TDS on purchase of goods) and Section 206C(1H) (TCS on sale of goods) under the Income-tax Act, 1961. Explains the ₹10 Crore turnover thresholds, ₹50 Lakh transaction limit, priority rules, higher deduction rates under Section 206AB/206CCA, journal entry accounting, and reconciling Form 26AS with GSTR-1.

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Section 43B(h) MSME 45-Day Payment Mandate, Udyam Criteria, Form MSME-1 & Tax Audit Disallowances

Section 43B(h) MSME 45-Day Payment Rule: Udyam Criteria, Written Agreements & Disallowance Guide

Exhaustive practitioner guide to Section 43B(h) of the Income-tax Act, 1961 enacted via Finance Act 2023. Explains the 15-day default timeline and 45-day written contract ceiling under Section 15 of the MSMED Act, Micro and Small Enterprise qualification criteria (excluding Medium enterprises and Retail/Wholesale traders), year-end disallowance mechanics, compounding interest penalty under Section 16 of MSMED Act, and automated MSME aging with assureFinancials.

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Old vs New Tax Regime, Section 115BAC Slabs, Break-Even Salary, 80C 80D HRA Deductions, ITR Filing

Old vs New Tax Regime for Salaried & Professionals: Slab Comparison, Deduction Loss, and Break-Even Salary Calculator

A comprehensive financial and tax planning guide comparing the Old versus New Tax Regime for salaried employees, freelancers, and professionals under the Income-tax Act, 1961. Details the revised Section 115BAC slabs under Budget 2024, the ₹75,000 standard deduction, the ₹7 Lakh Section 87A rebate, foregone deductions (80C, 80D, HRA, home loan interest), exact mathematical break-even salary calculators, and Form 10-IEA switching rules.

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HRA Exemption Formula, Section 10(13A) Rule 2A, Rent Receipts Format, Landlord PAN & Paying Parents

HRA Exemption Calculation Guide: Section 10(13A) Formula, Rent Receipts, Landlord PAN, and Paying Rent to Parents

A comprehensive personal tax guide on maximizing House Rent Allowance (HRA) exemption under Section 10(13A) and Rule 2A of the Income-tax Act, 1961. Explains the 3-step statutory calculation formula, Metro vs Non-Metro salary percentages, mandatory Landlord PAN reporting thresholds (>₹1 Lakh), legitimate strategies for paying rent to parents, rent agreement formatting, and defending against CPC scrutiny notices.

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