From a legal perspective, when individuals and businesses get a lawsuit settlement, it is important to know the tax regulations. Of all the basic types of settlements, product liability settlements are likely to have special tax features. The taxes applicable on the lawsuit settlement can change the amount received considerably, therefore it’s important to understand…
Introduction As per section 206C of the Income Tax Act 1961 (“the Act”), Tax Collected at Source (“TCS”) is a tax that sellers collect from buyers at the time of sale of specified goods. The applicable TCS compliances are: Collection & Payment: TCS needs to be collected by seller from the buyer at the time of…
Facing a tax inquiry before assessment under Section 162 can make the taxpayers nervy owing to the paucity of facts and lack of understanding about the tax laws. Moreover, the scrutiny under the section 162 also involves the scrutiny of financial records, transactions, and tax filings. Nevertheless, this overwhelming situation could still be steered clear…
Winning or settling a lawsuit can be a significant financial event, but it also comes with tax implications that can surprise those who aren’t prepared. Whether your settlement is from a personal injury case, a discrimination suit, or any other legal dispute, understanding the taxes on lawsuit settlements is crucial. This blog will break down…
When it comes to tax regulations, it has been observed that many individuals and businesses often face numerous hurdles when it comes to managing their tax obligations. In such scenarios, the role of the best income tax consultants cannot be overstated in providing effective solutions. These experts offer invaluable support by ensuring the major pillars…
Tax advisors are specialists in tax accounting and tax law. They regularly consult in precarious economic situations to cut the tax payable. Due to the complex financial condition of a tax-paying entity, such as a person, business, trust, etc., one should seek a tax advisor to lower the amount of taxes payable to the taxing…
Taxation is an indispensable aspect of modern society, ensuring the funding of public services and infrastructure. However, navigating the complexities of tax laws can be daunting for individuals and businesses alike. Tax litigation, the process of resolving disputes between taxpayers and tax authorities, is a common occurrence. In this blog, we’ll explore the common reasons…
Navigating the complexities of taxation may be a difficult undertaking for both individuals and organizations in today’s complex financial environment. With ever-changing regulations and a myriad of tax laws to adhere to, ensuring compliance while optimizing financial outcomes requires expertise and precision. This is where tax consultancy services play a pivotal role. Tax consultancy services…
Navigating the intricate world of income tax can be daunting for many individuals. With a myriad of rules, regulations, and myths surrounding taxation, it’s easy to feel overwhelmed and confused. However, with the guidance of income tax consultants, you can debunk common misconceptions and gain clarity on your tax obligations. In this blog post, we’ll explore…
In the complex world of international transactions, navigating tax regulations is a challenging task. For businesses engaged in cross-border transactions, understanding and complying with the intricacies of tax forms like 15CB and 15CA is crucial. In this blog post, we’ll unravel the significance of the 15CB form, shed light on how it’s calculated, and explore…
