Investing in commercial properties is a significant financial step, and understanding how rental income is taxed can make a crucial difference in optimizing your returns. Here’s a breakdown of how rental income from commercial property is handled under tax regulations, with examples for clarity. What is Rental Income from Commercial Property? R

Introduction If you're venturing into the IT and software export business in India, understanding the contrast between STPI and Non-STPI registration is essential. Each option carries distinct advantages, requirements, and compliance expectations. This guide will help break down these key differences to support a well-informed decision for your bu

Overview Rule 17AA, introduced by the Finance Act 2022, effective from the assessment year 2022-23, lays down critical requirements for maintaining financial records for trusts and institutions, aiming to improve transparency and accountability. Core Requirements of Rule 17AA Required Financial Records Under Section 12A(1)(b) of the Income Tax

An Income Tax Return (ITR) is a document that individuals and businesses submit to the Income Tax Department to report their income and taxes owed. In India, as per the Income Tax Act and Rules, filing an ITR is mandatory at the end of every financial year. The type of ITR form to be filed depends on the income source and category. Filing the IT

Filing an income tax return for a deceased individual may sound unusual, but it's necessary if they had taxable income. The responsibility falls on their legal heir or representative to file this return for income earned up until their passing. Let's walk through this process step-by-step. Understanding Legal Heirs A legal heir is someone who r