This article summarizes a recent order issued by the Central Board of Direct Taxes (CBDT) on the remission or extinguishment of small tax demands outstanding as of January 31, 2024, under the Income Tax Act 1961 (ITA), Wealth Tax Act 1957, or Gift Tax Act 1958 (referred to as relevant Acts).
Filing Income Tax Returns (ITR) can be confusing and time-consuming when not done methodically. Here are a few points to remember to aid everyone’s return filing process.
For claiming an expenditure while determining the taxable income, an assessee should satisfy the twin conditions of allowance of expenditure pursuant to the provisions of Sec. 30 to 37 of the Act.
This article aims to provide a comprehensive guide to understanding ITR, including its significance, different types, and the process of filing.
In this article, we'll delve into the intricacies of Section 115H and its benefits for NRIs in managing their tax responsibilities.
IntroductionWith the implementation of the new tax regime, the emphasis on tax-saving investments has switched from just lowering taxable income to aligning inv..
Smart thinking! Advance tax can be a bit tricky, but once you understand it, it's actually a good system.
As we know Indian taxation system which comprises various types of Taxes but let's understand it in broader view let's check out with the word "TAX"
There are several benefits in the Income Tax Act available for senior and super senior citizens to claim to reduce their tax burden.
A new clause inserted by the Finance Act of 2023 allows deductions made to MSMEs on an actual payment basis instead of an accrual basis if the payment is made within the threshold limit.
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