As a business owner, understanding input tax credit (ITC) can help you save money and streamline your tax filing process. In this blog, we will discuss ITC on food items, which can be a significant expense for many businesses.
The term “works contract” has a limited scope under the GST regime and is applicable only to contracts related to the construction, fabrication, or similar activities for immovable properties. Any composite supply involving goods, such as a paint job or fabrication work carried out in an automotive body shop, does not fall under the purview of a works contract for GST purposes.
Form 26AS is a crucial document that outlines the specifics of any sum that has been deducted from a taxpayer’s income as TDS or TCS from a variety of sources. Additionally, it provides information on the amount of advance tax or self-assessment tax that has been paid, as well as any high-value transactions that the […]
TDS or Tax Deducted at Source is a direct tax mechanism introduced with the aim of collecting tax from the very source of income. The government uses TDS to minimize tax evasion by taxing the income partially or wholly at the time it is generated rather than at a later date.
Section 80C of the Income Tax Act, 1961, provides various tax-saving options to individuals. One can save up to Rs. 1.5 lakh per year through investments under Section 80C. These investments not only help in saving taxes but also aid in wealth creation. Let’s look at some of the top investments under Section 80C.
Filing income tax returns is a crucial step for every taxpayer. It not only helps in avoiding legal consequences but also enables taxpayers to claim various benefits and exemptions. However, it is not uncommon for taxpayers to make mistakes or omissions while filing their returns. To address such errors and mistakes, taxpayers can file either an updated return or a revised return. While these terms may sound similar, they are different in many ways.