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Income Tax Articles


Important Financial Tasks To Complete Before 31st March 2024

  Priya    18 March 2024 at 10:31

In India, we follow a financial year where the year starts on the 1st of April and ends on the 31st of March. As the name suggests, this is tied in with various financial reporting and accounting purposes.

Posted in Income Tax |   1080 Views


ITR U - How to file ITR of previous 3 years

  sparsh wadhwa    16 March 2024 at 07:22

The updated return, or ITR-U, was put forward in the Union budget of 2022 to provide taxpayers with an additional chance to submit if they missed the deadline for filing their tax returns late or to correct any mistakes they made.

Posted in Income Tax |   1231 Views


Decoding Tax Updates: Major Revisions in ITR Forms for AY 2024-25

  CMA Sonam Verma    15 March 2024 at 14:54

A comprehensive analysis of the new ITR Forms has been conducted, focusing on identifying key changes and introducing new requirements compared to the previous year's ITR Forms.

Posted in Income Tax |   1412 Views


ITAT Judgement - Ignorance of the Provisions of Section 269 will initiate penalty proceedings u/s 271E

  Affluence Advisory Pvt. Ltd    15 March 2024 at 14:54

ITAT: Upheld penalty, states that poor history of clearance of cheque is not valid reason to make repayment in cash and against the mode prescribed under Section 269T of the Income-tax Act, 1961.

Posted in Income Tax |   107 Views


Making SME Payments by 31st March 2024 for compliance u/s 43B(h) of Income Tax Act

  VIVEK JALAN    15 March 2024 at 08:48

In this article, we pen down the statutory requirements and analysis of this new amendment in detail.

Posted in Income Tax  1 comments |   14284 Views


Advance tax e-campaign based on significant transactions

  sparsh wadhwa    15 March 2024 at 08:48

The Income Tax Department has received information on financial transactions relating to XXXX SINGH PAN XXXXX1650X for Financial Year 2023-24 (AY 2024-25). It is seen that your advance tax payment for F.Y. 2023-24 is apparently not commensurate with such financial transactions undertaken by you during this period.

Posted in Income Tax |   662 Views


Understanding Electoral Bonds: An Insight into India's Political Funding Mechanism

  CMA Sonam Verma    14 March 2024 at 14:06

In this article, we'll delve into the concept of electoral bonds, their functioning, controversies surrounding them, and their implications for Indian democracy.

Posted in Income Tax  2 comments |   1143 Views


Recent Tax Updates

  Venkat Raj    14 March 2024 at 09:00

The Financial Year 2023-24 is coming to an end in fortnight. The books of accounts of all entities are at the closing stage, and wherever a requirement arises, provision as required needs to be created. Let us analyze a recent ruling!

Posted in Income Tax |   320 Views


ITR Filling for Businesses For FY 2023-24

  Priya    13 March 2024 at 12:25

Filing an Income Tax Return(ITR) for businesses is an intricate and extensive process involving many important aspects that the entity should consider.

Posted in Income Tax |   1402 Views


Remission and Extinguishment of Tax Demand

  Affluence Advisory Pvt. Ltd    12 March 2024 at 14:54

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).

Posted in Income Tax |   139 Views