Income Tax Articles

FAQs: Clause 44 of Form 3CD of Tax Audit Report

Nitin Bhuta 29 August 2023 at 09:49

Clause 44 in Form 3CD under Section 44AB of the Income Tax Act 1961 - Updated FAQs

Latest FAQs for Form 27C

Shree 29 August 2023 at 08:54

Functionality for Revision of Form 27C is now available on e-Filing portal. Refer latest FAQs

Understanding Recent Income Tax SMS: Form 60 and Reporting Entities

Rashmi 29 August 2023 at 08:54

Recently, many taxpayers have received a text message from the Income Tax Department. This message states that the department has noticed specific transactions reported in Form 60/61 for the financial year 2021-22.

Navigating Penalties and Interest: Exploring Limits and Authority in the Mahindra & Mahindra Case

CA Yash Shah 28 August 2023 at 15:48

This article unravels the case's legal complexities and probable customs repercussions.

What is Taxability on lump sum or monthly amount received from the builder?

P.R. Sethuraman 28 August 2023 at 14:44

Crux of this article is to examine whether redevelopment compensation paid by the builder on account of hardship faced by the owner of a property due to displacement of the occupants, alternate accommodation, etc., is in the nature of capital receipt taxable.

Demystify Intricacies of Deduction under Chapter VI-A

Pranab Banerjee 28 August 2023 at 08:59

A Comprehensive Guide for the FY 2023-24 with Auto Calculate Income Tax Preparation Software in Excel for the FY 2023-24

All about Permanent Account Number (PAN)

Mitali 26 August 2023 at 11:39

A Permanent Account Number (PAN) is a unique 10-character alphanumeric code issued by the tax authorities. It's used to identify individuals and entities for taxation and financial transactions. PAN helps track financial activities like income, taxes, and investments.

Safe Harbour Rules extended to AY 2023-24

Vivek Jalan 26 August 2023 at 08:53

The Safe Harbour Rules for Transfer Pricing were introduced by the Finance Act, 2009 to reduce the transfer pricing disputes, provide certainty to taxpayers, align safe harbour margins with industry standards, and expand the scope of safe harbour transactions.

What to Do If You Receive an Excess Income Tax Refund: A Simple Guide

Rashmi 25 August 2023 at 08:58

In recent years, the Income Tax Department has been processing income tax returns (ITR) faster. However, this speedy process has led to some issues. When ITRs are processed quickly, taxpayers might not have enough time to correct mistakes they made in their original returns.

Discipline regarding "quasi-criminal" penal proceedings

Vivek Jalan 24 August 2023 at 09:02

Discipline regarding penal action under various tax laws are widely discussed. Two interesting recent cases under Income Tax allows one to reflect further.