Some important provisions under Income Tax Act relating to cash transactions
If you file your tax return after the due date, it could be considered late filing. You might have to pay a late fee as per Section 234F. However, if you originally filed your return on time (by July 31st) and verified it within 30 days of e-filing, you can still revise it later.
Instruction regarding implementation of the judgment of the Hon’ble Supreme Court in the case of Pr. CIT (Central-3) v/s Abhisar Build well Pvt. Ltd. (Civil Appeal No. 6580 of 2021)
The Income Tax Act, 1961, allows taxpayers to file a belated income tax return if they miss the original deadline for filing their returns. The belated return provision is covered under Section 139(4) of the Income Tax Act.
PAN serves as a crucial identification tool for various financial transactions and is used to track taxpayers and their financial activities.
Form 60 and Form 61 are used in India for certain financial transactions. Form 60 is used when an individual does not have a Permanent Account Number (PAN) and is carrying out specified transactions that require PAN. It is a declaration of identity and address.
Decoding FAQs on Taxation of Capital Gains
FAQs on Tax Deducted at Source (TDS)
For income tax audit purposes, individuals with business or professional income must maintain specific documents to ensure accurate reporting and prevent tax evasion. This helps the government collect revenue fairly and scrutinize complex financial transactions.
Clause 44 in Form 3CD under Section 44AB of the Income Tax Act 1961 - Updated FAQs
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