Income Tax Articles

Higher TDS due to PAN Holder's Negligence

Posted by CA Umesh Sharma 04 December 2023 12825 Views

A lot of TDS Deductors who have filed their TDS returns for the 2nd quarter of FY 2023-24 have received intimations for Defaults in their TDS Return for Quarter 2nd. Why are the TAN holders getting these default notices from Income Tax Department?

Income tax benefit of taking car lease policy provided by employer

Posted by Sparsh Wadhwa 01 December 2023 5438 Views

Car lease policyWhen an employer talks about your salary, they mean your basic starting salary. Various components are then added to this number to create your ...

'Discard ITR' New feature Introduced by Income Tax Department

Posted by Sparsh Wadhwa 29 November 2023 6168 Views

The new 'Discard' facility allows taxpayers to manage their ITR filings more efficiently and helps rectify any inaccuracies or omissions within the specified windows. But it's essential to use it with caution as once discarded, an ITR can't be restored.

Some interesting points about Income Tax Reassessment and Amendments

Posted by CA Aman Rajput 29 November 2023 4745 Views

In the dynamic realm of income taxation, the process of reassessment has witnessed significant legal amendments aimed at striking a balance between taxpayer rights and revenue interests. Recent changes, particularly those introduced by the Finance Acts of 2021 and 2022

Decoding Form 26A: Impact, Role and Procedure

Posted by Aisha 28 November 2023 8808 Views

Section 201(1) of the Income Tax Act establishes that a person responsible for deducting TDS (Tax Deducted at Source) on distributed income is deemed an "assessee in default" if they fail to deduct or pay the TDS.

Section 206C of the Income Tax Act, 1961

Posted by Ishita Ramani 28 November 2023 4988 Views

The content in this article includes eligibility requirements under Section 206 of TCS, the deadline for submitting TCS, and a definition of Section 206 of the Income Tax Act.

Hidden facts about Payment of Gratuity Act, 1972

Posted by CA Aman Rajput 28 November 2023 4864 Views

In this article, the author gives a deep analysis into the world of work rules for availing the Payment of Gratuity Act, 1972.

Going Public: Learning about IPOs and its Income Tax and Companies Act Provisions

Posted by CA Umesh Sharma 27 November 2023 1219 Views

Tata Technologies IPO has created a buzz in the financial markets. The taxpayers are very eager to know more about the concept of IPO, so please shed light on the same.

Update Aadhaar Card

Posted by Mitali 27 November 2023 3470 Views

Aadhaar is a unique identification number issued to Indian citizens. The Aadhaar card, which contains personal information like name, address, gender, age, photograph, fingerprints etc which serves as a crucial proof of identity.

ITR-U Updates for AY 2021-22 - Due by March 31, 2024

Posted by Mitali 25 November 2023 5835 Views

The ITR-U form plays a significant role in allowing taxpayers to correct and revise their financial information, ultimately contributing to a more precise and reliable tax reporting system.