Let’s highlight some of common mistakes that one should avoid while Filling Income tax returns.
In the realm of income tax, the choice between the old and new tax regimes holds significant weight, especially for those falling within certain income brackets. While the new tax regime boasts lower rates, the allure of the old tax regime persists for numerous taxpayers owing to its array of exemptions and deductions.
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The responsibility to collect Tax Collected at Source lies with certain specified persons or entities as mandated by the Income Tax Act. These entities collect tax from the payee at the time of sale or provision of certain goods or services.
Mukesh Harilal Mehta Vs ITO 16(3)(1) (ITAT Mumbai) Appeal Number : ITA No. 2256/MUM/2023
Section 43B (h) of Income Tax Act, 1961
The introduction of Section 43B(h) in the Income Tax Act, 1961, signifies a move towards responsible business practices, similar to celebrating Holi with not only colours but with care and consideration for others.
This article simplifies these requirements, covering property, stocks, ESOPs, and shares held abroad. Understanding what needs to be disclosed in the income tax returns and the consequences of non-compliance can help avoid legal and financial penalties.
The new tax regime offers lower tax rates but fewer deductions compared to the old regime
There is no limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance.
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