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Income Tax

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

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Income Tax

485 articles
Section 68 Unexplained Cash Credits, Share Capital, Section 115BBE & Three-Fold Proof

Section 68 Unexplained Cash Credits: Three-Tier Proof, Section 115BBE 78% Tax & Share Capital Defense Guide

An exhaustive direct tax litigation guide to Section 68 unexplained cash credits, analyzing the first proviso source-of-source rule for share capital and loans, the three-fold burden of proof (Identity, Creditworthiness, Genuineness), the 78% punitive tax under Section 115BBE, and Section 271AAC penalty defense.

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Foreign Asset Reporting in Schedule FA & Black Money Act Penalties

Schedule FA Foreign Asset Reporting: Black Money Act ₹10 Lakh Penalty, ₹20 Lakh Safe Harbour & ITR Guide

An exhaustive international tax guide to Schedule FA (Foreign Assets) reporting in ITR-2 and ITR-3, analyzing Table A1 to Table G disclosures, US calendar year conversions, the ₹10 lakh Section 43 Black Money Act penalty, the Finance Act 2024 ₹20 lakh safe harbour, and Form 67 reconciliation.

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Section 43B(h) MSME 45-Day Payment Rule & Form 3CD Clause 22

Section 43B(h) MSME 45-Day Payment Rule: Tax Audit Disallowance, Form 3CD Clause 22 & Year-End Defense Guide

An exhaustive practitioner guide to Section 43B(h) of the Income-tax Act, analyzing the mandatory 15/45-day payment window to Micro and Small enterprises under the MSMED Act, compound interest liabilities, Udyam registration verification, trader exclusions, Form 3CD Clause 22 reporting, and Schedule III disclosures.

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Section 10AA: Special Economic Zone (SEZ) Export Profit Deduction, Form 56F & Parity Principle

Section 10AA Special Economic Zone (SEZ) Deduction: Export Profit Formula, Form 56F & Audit Guide

An exhaustive corporate tax guide to claiming export profit deductions under Section 10AA for Special Economic Zone (SEZ) units, analyzing the 15-year phased tax holiday, the Supreme Court HCL Technologies parity formula, Form 56F audit certification, SEZ Reinvestment Reserve mechanics, MAT interplay, and Form 3CD disclosures.

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Section 194M & Section 194-IB: TDS on Rent, Contracts & Professional Fees

Section 194M & Section 194-IB TDS: Non-Audit Individuals' Rent, Contracts & Form 26QC/26QD Guide

An exhaustive direct tax guide to personal withholding under Section 194-IB (5% TDS on rent > ₹50,000/month) and Section 194M (5% TDS on contracts/fees > ₹50 lakhs) for individuals and HUFs exempt from tax audit, analyzing Form 26QC/26QD filings, Form 16C/16D certificates, and Section 234E late fees.

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Anonymous Donations: Section 115BBC, 5% Exemption Limit, Form 10BD & Audit Defense for NGOs

Anonymous Donations under Section 115BBC: 30% Tax, 5% Exemption & Trust Audit Guide

An exhaustive direct tax treatise on Anonymous Donations received by charitable and religious trusts under Section 115BBC, analyzing the 5% / ₹1 Lakh statutory exemption threshold, 30% special tax rates, religious trust Hundi carve-outs, Form 10B/10BB audit disclosures, Form 10BD filings, and the Section 115BBC vs Section 115BBE litigation defense.

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