Blog Sidebar - My Tax Support

Complete “Penalties and Risks of Non-Compliance with Section 44AB”

Introduction Under Section 44AB of the Income Tax Act, 1961, certain businesses and professionals are required to conduct a tax audit. The purpose of this audit is to ensure accuracy in financial reporting and compliance with tax laws. Failing

How is the Appellate Structure Organized Under the Income Tax Act? Complete Guide

The appellate structure under the Income Tax Act plays a critical role in ensuring that taxpayers have access to a system of checks and balances. If a taxpayer disagrees with an order passed by the Assessing Officer (AO) or

Right to Appeal Under the Income Tax Act?

The right to appeal under the Income Tax Act allows taxpayers to challenge decisions made by tax authorities when they believe the assessment or tax-related orders are incorrect. This right ensures that individuals and entities are not unduly penalized

“What Happens When Personal Expenses Are Claimed as Business Costs?” A Complete Guide

Introduction Claiming personal expenses as business expenses is a common error or sometimes a deliberate act to reduce tax liability. However, under the Income Tax Act, 1961, such practices can lead to disallowance of expenses, additional tax liability, and

“How to Document Business Expenses for Maximum Tax Savings”

Introduction As a business owner, claiming deductions for business expenses is a crucial way to reduce taxable income and optimize your tax liability. However, to successfully claim these deductions under the Income Tax Act, 1961, you must maintain proper

“Maximizing Tax Benefits Under Section 44AD and Section 44AE” Complete

Introduction For small traders and businesses, complying with tax regulations can be overwhelming. To simplify compliance, the Income Tax Act, 1961, provides presumptive taxation schemes under Section 44AD and Section 44AE. These schemes allow small traders to calculate and

A Complete Discontinued Business Income: Tax Treatment and Compliance”

Introduction Employee welfare is an essential aspect of running a business, and some companies extend this welfare to include family planning expenses for employees. While promoting family planning initiatives is commendable, business owners often wonder whether such expenses are

A Complete Tax Benefits for Employee Family Planning Initiatives”

“Freelancer Tax Guide: How to Compute Your Income”

Introduction With the rise of the gig economy, freelancing has become a popular career choice. Freelancers, like professionals, are required to report their income and file taxes under the Income Tax Act, 1961. Computing income and managing tax compliance

A Complete “Understanding Tax Rules for Rural Development Grants”

Introduction Grants received for rural development play a significant role in funding projects aimed at improving infrastructure, education, healthcare, and livelihoods in rural areas. These grants can be received by individuals, companies, or non-profit organizations from government bodies, international

1 … 13 14 15 16 17 … 25

Our Blog