In the Interim Budget 2024-25, The finance minister proposed to withdraw direct tax demands up to INR 25000 pertaining to the period up to tax year 2009-10 and up to INR 10000 for tax years 2010-11 to 2014-15.
Section 148A of the Income Tax Act, 1961, pertains to the issuance of notices for assessment or reassessment in certain cases. It is as dangerous as the AK-47 rifle in the hands of the Department if we wrongly respond to this notice. Be Careful!
Section 23 of the MSMED Act provides that where the assessee is liable to make payments of interest under or in accordance with the provisions of the MSMED Act, no deduction shall be allowed to the assessee for such payments for calculating taxable income under the Income Tax Act.
Selling a capital asset, such as a commercial property or land, often results in substantial capital gains. While exciting, these gains come with the burden of taxation. Fortunately, the Income Tax Act offers solace in the form of Section 54F, which provides an avenue for exemption on long-term capital gains arising from the sale of non-residential assets.
As March approaches, salaried person start worrying about saving taxes and confused about the tax saving options available with them. Salaried people are also confused as to which regime will save more tax. Answers to lot of questions have been given in this article.
In this article, we will delve into the intricacies of property inheritance for NRIs and offer valuable insights for successfully navigating this complex process.
The Finance bill 2023 included a new clause (h) to section 43B of the income tax act 1961. To assure on-time payments, the stated clause inserted as a Socio-Economic Welfare Measure and has been realized through the Micro and small companies.
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