An Income Tax Notice is a formal communication issued by the Income Tax Department of India to a taxpayer seeking information, clarification, compliance, or corrective action under the Income-tax Act, 1961. Receipt of a notice does not automatically imply tax evasion or wrongdoing; in many cases, it is triggered due to mismatch of data, non-filing… Continue reading Income Tax Notices in India – Meaning, Types, Reasons, and How to Respond
What Is an Updated Return (ITR-U)? An Updated Income Tax Return (ITR-U) is a special tax filing option that allows taxpayers to correct or disclose additional income for previous years even after the regular and revised return deadlines have passed. It applies when you either missed filing an ITR or need to correct the income declared… Continue reading Step-by-Step ITR-U Filing Guide: From Portal to Taxcellent Support
A stock audit, also known as an inventory audit, is a systematic examination and verification of a business’s inventory, ensuring that what’s recorded in the books matches what actually exists in the warehouse or storage locations. It plays an essential role in business control, financial accuracy, and regulatory compliance. 1. What Is a Stock Audit?… Continue reading Stock Audit Explained: Process, Types, and Importance
When applying for a bank loan or financial assistance, lenders do not only assess a borrower’s past performance but also place strong emphasis on projected financials. Projected financial statements present a future-oriented view of the business, helping lenders evaluate repayment capacity, profitability, and overall financial viability of the proposed loan. What Are Projected Financials? Projected… Continue reading What Are Projected Financials? Essential Guide for Loan Applications
Tax Deducted at Source (TDS) is a mechanism through which the government collects tax at the time income is generated rather than at the time of filing returns. One important provision related to TDS Returns Filing real estate transactions is Section 194-IA of the Income Tax Act, 1961, which deals with TDS on the purchase… Continue reading TDS on Purchase of Property Under Section 194-IA: Complete Guide 2025
Tax Deducted at Source (TDS) is a system under the Income Tax Act, 1961, where tax is deducted at the time of making specified payments such as salary, interest, rent, or professional fees. After deducting TDS, it is mandatory for the deductor to TDS Returns Filing, providing details of tax deducted and deposited with the… Continue reading Step-by-Step TDS Returns Filing: Forms 24Q, 26Q, 27Q & Penalties Explained
Income Tax Return Form 4, commonly known as ITR-4 (Sugam), is a simplified income tax return form prescribed by the Income Tax Department of India. It is designed for resident individuals, Hindu Undivided Families (HUFs), and firms (other than LLPs) who opt for the presumptive taxation scheme under the Income Tax Act, 1961. Who Can… Continue reading Who Can File ITR-4 Sugam? Complete Eligibility Checklist
1. What Is Form 24Q? Form 24Q is the TDS return specifically for salary payments. Every employer who deducts TDS from employee salaries under Section 192 must file Form 24Q every quarter. It contains: Employee salary details TDS deductions PAN details Proof of tax deposited Deductions under Chapter VI-A Exemptions under Section 10 The fourth… Continue reading Essential Guide to Salary TDS Returns Filing and Form 24Q Requirements
Life Insurance Corporation of India (LIC) is the largest and most trusted life insurer in the country, serving millions of policyholders for more than six decades. Insurance through LIC provides financial protection, long-term savings, and investment-linked benefits, making it a preferred choice for individuals and families. 1. Financial Security for the Family The primary benefit… Continue reading Benefits of Insurance Through LIC of India
Form 15CA and Form 15CB are compliance documents required under the Income Tax Act, 1961, for remittances sent outside India. Their primary purpose is to ensure that any payment made to a non-resident is examined for taxability before it leaves India. These forms help the Income Tax Department track foreign remittances and prevent tax evasion… Continue reading Filing of Form 15CA & Form 15CB: A Comprehensive Guide
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