Understanding the Basics: What is a Financial Year and Assessment Year? In simple words, the Financial Year (FY) is the year in which you earn […]
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39. Defective Return U/s 139(9)
Defective Return under Section 139(9) of the Income Tax Act, 1961 – Explained Filing your income tax return (ITR) correctly is crucial to avoid unnecessary […]
19. Assessment
In the realm of Indian income tax, assessment is the process by which the Income Tax Department evaluates the total income of a taxpayer and […]
27. Input tax credit” under GST
What is Input Tax Credit and Why It’s a Game-Changer for Businesses? Input Tax Credit, or ITC, is like a cashback for businesses under GST. […]
38. Indirect Tax
Indirect tax refers to a type of tax that is not directly paid by an individual to the government but is instead levied on goods […]
18. Belated Returns
A belated return is a return of income filed after the due date prescribed under the Income Tax Act, 1961. Taxpayers are expected to file […]
37. Vat dealer
A VAT dealer refers to a person or business entity that is registered under the Value Added Tax (VAT) system and is authorized to collect […]
36. Entertainment Allowance
Entertainment Allowance is a specific benefit granted to employees, generally to cover expenses incurred while entertaining clients or customers on behalf of the organization. Under […]
17. De Novo Assessment on remand
De Novo Assessment on remand refers to a situation where a higher tax authority, tribunal, or court sets aside an earlier assessment and directs the […]
35. Characteristics of salary
Salary is a form of periodic compensation paid by an employer to an employee for services rendered under a contract of employment. In India, salary […]