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Jaipur: On Saturday, the Income Tax raid on the JKJ Jewellers Group in the capital city of Rajasthan is on its sixth day. Startling statistics keep coming to light during this operation. The Income Tax Department has finished its operations at four locations in Kolkata, while it is currently conducting raids at 17 separate locations in Delhi and Jaipur. Shocking disclosures regarding cash, gold,…

Have you ever wondered why certain words appear frequently while others remain rare in written or spoken language? Enter Zipf’s Law—a fascinating principle that unveils the underlying patterns of word usage and distribution in human communication. In this blog post, we’ll explore what Zipf’s Law is, how it applies to language, and what implications it holds for understanding the structure of…

Have you ever felt that tasks expand to fill the time allotted to them? Or that work seems to multiply and stretch, regardless of its complexity? Welcome to the intriguing world of Parkinson’s Law—a concept that sheds light on work efficiency, time management, and the psychology behind productivity. What is Parkinson’s Law? Parkinson’s Law, coined by British naval historian and author Cyril…

Have you heard of the 80/20 rule, also known as the Pareto Principle? This powerful concept can transform the way you approach productivity, time management, and decision-making. In this guide, we’ll explore what the 80/20 rule is, how it applies to various aspects of life, and how you can leverage it to achieve exceptional results with minimal effort. What is the 80/20 Rule? The 80/20 rule,…

Financial statement analysis is a fundamental tool for understanding the financial health and performance of a business. Whether you’re an investor, business owner, or financial professional, the ability to interpret financial statements is crucial for making informed decisions. In this guide, we’ll delve into the key aspects of financial statement analysis and how you can leverage this knowledge…

In today’s rapidly evolving digital landscape, Financial Technology, or Fintech, is revolutionizing the way we manage and interact with money. From mobile banking to cryptocurrency, Fintech encompasses a wide array of innovative solutions that are reshaping traditional financial services. If you’re curious about Fintech and its implications for your financial future, you’ve come to the right…

The Central Board of Direct Taxes (CBDT) has extended the deadline for filing Form 10A/Form 10AB under the Income Tax Act 1961 to June 30, 2024. This extension is part of ongoing efforts by the CBDT to ease challenges faced by taxpayers. Previously, this deadline had been extended multiple times, with the most recent extension set at September 30, 2023. In a recent circular issued by the CBDT,…

Fortis Healthcare Ltd, a prominent player in the healthcare sector, recently disclosed that its subsidiary, Fortis Hospitals Ltd, has received an income tax assessment order amounting to ₹89.53 crore, inclusive of interest charges amounting to ₹9.54 crore. In a regulatory filing with the stock exchange, Fortis Healthcare stated, “This is to inform you that Fortis Hospitals Limited, a material…

Deciphering the Classification of Enterprises Enterprises play a pivotal role in the economic landscape, driving growth, innovation, and employment opportunities. Understanding how enterprises are classified based on their size and scale is fundamental for availing various benefits and support mechanisms. Here’s a breakdown of the criteria for classifying enterprises as micro, small, or…

As a responsible taxpayer, receiving notices from the Income Tax Department can be an intimidating experience. However, responding to these notices promptly and accurately is crucial to ensure compliance with tax regulations and avoid any potential penalties or legal consequences. In this comprehensive guide, we’ll walk you through the step-by-step process of replying to notices received from the…

TDS Rate Chart for FY 2024-25 (AY 2025-26) SectionNature of PaymentThresholdTDS Rate (with PAN)TDS Rate (without PAN)194CPayments to Contractors and Subcontractors, AdvertisingSingle payment > Rs. 30,000 or Aggregate > Rs. 1,00,0001% (Individual/HUF) 2% (Others)5% (Individual/HUF) 20% (Others)194-I (a)Rent on Land, Building, Furniture & FittingsRs. 2,40,000 per annum10%20%194-I (b)Rent on Plant…

Taxation is an integral part of our financial lives, influencing everything from business decisions to personal finances. However, navigating the complex world of taxes can be daunting without a solid understanding of key terminology. In this comprehensive guide, we’ll demystify taxation by exploring the top essential terms you need to know. 1. Tax: A compulsory financial charge imposed by the…

In a recent development at the Gujarat High Court, a division bench comprising Justices Bhargav Karia and Niral Mehta has taken a firm stance regarding the seizure of “non-incriminating” data from a lawyer’s office by the Income Tax department. Refusing to accept the department’s undertaking on sealing the data, the bench has decided to delve into the matter on its merits. The petition before…

In a landmark ruling, the Delhi High Court has shed light on the extended review period for Income-Tax (I-T) assessments, offering clarity to taxpayers and practitioners alike. Justices Rajiv Shakdher and Girish Kathpalia emphasized that the 10-year review period applies only in cases where the estimated undisclosed income exceeds Rs 50 lakh. They clarified that in “normal cases,” no notice…

In the world of business, understanding accounting is paramount. Whether you’re a seasoned entrepreneur, a budding startup founder, or simply an individual looking to manage personal finances more effectively, grasping key accounting terms is essential. These terms serve as the language of business, providing insights into financial health, performance, and strategy. Here, we’ll unlock the top 20…

Are you navigating the complexities of tax planning under the new income tax regime? Are you looking to maximize your savings by leveraging all available deductions? Look no further! In this definitive guide, we’ll walk you through the myriad deductions offered under the Income Tax Act of 1961 in the new regime, empowering you to make informed financial decisions and optimize your tax…

The Goods and Services Tax (GST) changes yearly, bringing to light unexpected rulings that affect taxpayers and reshape the structure of the tax system. This piece explores the latest happenings in the GST domain, illuminating noteworthy modifications, court rulings, and the changing function of oversight organisations. Recent Developments:The GST landscape has witnessed notable transformations,…