Income Tax Articles
Slump Sale - Section 50B of Income Tax Act 1961
What is a Slump Sale?According to Section 2(42C) of the Income Tax Act, 1961, a ‘slump sale’ refers to the transfer of one or more undertakings as a
Cryptocurrency and Taxes: Reporting Your Gains in the ITR
This article outlines how to effectively report your cryptocurrency gains and ensure compliance with tax regulations.
New Changes in Section 87A Rebate Post-July 2024
Recent change in ITR utility for rebate u/s 87A has caused confusion and concerns among taxpayers and professionals.
Understanding Form 26AS: A Key Component for Filing Income Tax Returns (ITR)
This article delves into what Form 26AS is, its significance, and what taxpayers should know while filing their ITR.
Who Should File ITR even when Income is Below Exemption Limit?
Arjuna (Fictional Character): Krishna, the due date for filing of Income Tax Return for Individuals is 31st July, however still many people around the nation ha...
Benefits of Filing Return of Income
In this article, we make an attempt to discuss some of the benefits of filing income tax returns and what the best way to go about doing so is.
Netizens Shocked as Man Pays Rs 50,000 to Resolve Rupee 1 Income Tax Issue
A man in Delhi claimed about paying a large fee to a chartered accountant for a minor tax dispute. He paid Rs 50,000 to a CA for resolving a tax notice where the disputed amount was only Re 1.
Tax Deduction on Purchase of Property: A Holistic Approach for Understanding Law and Practical Questions with Procedural Guide
Filing of Return of TDS on purchase of property under Income Tax Act under Form 26QB can be tricky and at times. It becomes more frustrating when there is some mistake after filing as the correction process may not be friendly for common person.
Form 10-IEA: Opting for the Old Tax Regime
Form 10-IEA has been notified through Notification No. 43/2023 dated 21st June 2023 which enables taxpayers to make choice between the old and new tax regimes.
FAQs on New Vs Old Tax Regime For AY 2024-25
The Finance Act 2023 has amended the provisions of Section 115BAC w.e.f. AY 2024-25 to make the new tax regime the default tax regime for the assessees being individuals, HUF, AOP (not being cooperative societies), BOI, or artificial judicial persons.
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