Tax authorities can reassess a person or a company in case they have reason to believe that there is unreported income. If new information reveals that income has eluded taxation, tax officers are empowered to serve a notice of reassessment under Section 148 of the Income Tax Act. The function of an income tax reassessment 148…
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…
In the intricate world of finance and taxation, tax consultancy services play a pivotal role in guiding individuals and businesses through the complexities of tariff laws and regulations. These services not only help in efficient tariff planning but also ensure compliance with legal requirements, thereby safeguarding against potential financial pitfalls. In this blog, we will come across…
In a bustling metropolis, managing your taxes can feel like a maze of regulations and paperwork. This is where a tax consultant becomes your guiding light through the complex terrain of taxation. Whether you’re an individual taxpayer or a business owner, their expertise can make a significant difference, saving you time, money, and stress. Tax…
