Income Tax Articles

CBDT issues order giving effect to the Budget proposal of remitting petty tax demands

  VIVEK JALAN    23 February 2024 at 14:21

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.

Posted in Income Tax |   139 Views

Section 148A Notice: Dangerous as Ak-47 Riffle in the hands of AO - Beware

  CA. Chikkerur C R    23 February 2024 at 10:33

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!

Posted in Income Tax |   735 Views

What are the ways to reduce your income tax?

  Ishita Ramani    23 February 2024 at 08:44

This article will give you information on "How to Minimize Income Tax".

Posted in Income Tax |   610 Views

The 45 Day Payment Rule

  Nikhil Kothari    23 February 2024 at 08:44

These days everywhere you see people are talking about the 45-day payment rule (MSME Section 43B (h)) but often people are more confused rather than convincing so let's understand this entire concept.

Posted in Income Tax |   317 Views

Is Stipend Taxable

  Mitali    22 February 2024 at 16:00

A stipend is a sum of money paid to someone which are typically smaller than salaries and are provided to individuals to support them financially while they gain knowledge and experience through education, training, or specific positions.

Posted in Income Tax |   1323 Views

Payments to MSME vendors

  anmol bohra    22 February 2024 at 14:37

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.

Posted in Income Tax |   202 Views

Demystifying Section 54F of the Income Tax Act

  CA. Bhavik P. Chudasama    22 February 2024 at 09:47

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.

Posted in Income Tax  2 comments |   400 Views

Options for Saving Income tax for Salaried Person

  CA Rahul Mittal    22 February 2024 at 08:52

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.

Posted in Income Tax |   2725 Views

NRI Property Inheritance: Laws, Tax Implications and Challenges

  CA Arun Tiwari    20 February 2024 at 08:51

In this article, we will delve into the intricacies of property inheritance for NRIs and offer valuable insights for successfully navigating this complex process.

Posted in Income Tax |   337 Views

Decoding the New Clause (H) of Section 43B of Income Tax Act

  SAGAR PUNSHI    19 February 2024 at 08:38

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.

Posted in Income Tax |   8986 Views