Income Tax Articles

September 2024 Compliance Calendar

Posted by DSC Sign 02 September 2024 413 Views

As a business owner, staying compliant with various statutory requirements is essential for smooth operations and to avoid penalties. For the month of September 2024, there are several key due dates that you should be aware of.

Holding Period for Residential Properties: Allotment or Agreement? A Comparative Analysis

Posted by CA. Bhavik P. Chudasama 31 August 2024 4771 Views

This article aims to shed light on this issue, analyzing relevant case laws and providing a comprehensive understanding of the prevailing legal position.

Towards a Modern Tax System: The Need for a New Income-Tax Act in India

Posted by Sachin 31 August 2024 1685 Views

In her budget speech in July 2024, Finance Minister Nirmala Sitharaman announced a comprehensive review of the Income-Tax Act. The review is expected to be completed before the next Budget, aiming to reduce compliance burdens and improve clarity for taxpayers.

Amendments In Income Tax Act 1961 through Finance Act, 2024

Posted by Suyash Raj Nahata 30 August 2024 6057 Views

The Finance (No. 2) Bill, 2024 was presented by the Hon'ble Finance Minister (FM) Nirmala Sitharaman on 23 July 2024. While moving the Bill for approval by the Lok Sabha on 7 August 2024, the FM introduced amendments to FB (No, 2) 2024 (Amended Bill) and the bill was passed on 16th of August, 2024 in form of THE FINANCE (No. 2) ACT, 2024.

Essential Income Tax Deadlines for September 2024

Posted by Sachin 30 August 2024 1233 Views

Tax planning is vital for effective financial management and avoiding penalties. The income tax department has outlined crucial deadlines for September 2024.

Filing Belated Income Tax Return & Common Reasons for Delayed Filing

Posted by Sachin 29 August 2024 1145 Views

You can file a belated Income Tax Return (ITR) if you missed the original deadline of July 31. The deadline to file a belated ITR is December 31 of the assessment year.

Case Study: Revenue Recognition

Posted by FCS Deepak Pratap Singh 28 August 2024 506 Views

The entity ABC is a public limited company domiciled in India. The Government of India holds 52% in the paid-up equity capital of the company as of 31st March, 2023

Secure Your Future: National Savings Certificate (NSC) Benefits, Pension Strategy and Tax Advantages

Posted by Sachin 26 August 2024 239 Views

This guide highlights the benefits of NSC, including tax advantages and a strategy to create a pension-like income, emphasizing its value as a stable, secure investment option.

Surge in Defective ITR Notices: Understanding the Reasons Behind the Increase

Posted by Sachin 24 August 2024 3973 Views

In recent times, many taxpayers have reported receiving defective Income Tax Return (ITR) notices from the tax department. This uptick (increase) has raised concerns and questions about why such notices are becoming more common.