Income Tax Articles

Major Tax Changes for Partnership Firms and LLPs from April 1, 2025

Rashmi 14 March 2025 at 08:59

Starting April 1, 2025, significant income tax changes will apply to partnership firms and Limited Liability Partnerships (LLPs) due to amendments introduced in the Finance Act.

Taxation of Remote Work Income for NRIs: A Global Perspective

CA Rohit Sonar 14 March 2025 at 08:59

This article provides an in-depth legal analysis of this issue, focusing on key provisions of Indian tax law, judicial precedents, FEMA regulations, and TDS obligations under Sections 192 and 195.

Top Women Empowerment Schemes in India: Transforming Lives in 2025

Rashmi 10 March 2025 at 08:39

The Indian government has launched various schemes to empower women in education, employment, and financial independence. Now, let's explore some of the key women empowerment schemes in India.

Updated Return (ITR-U) u/s 139(8A) - A Comprehensive Guide

CA Daljinder Singh 10 March 2025 at 08:36

ITR-U was introduced in the Union Budget 2022 u/s 139(8A) of the Income Tax Act, 1961. This provision allows taxpayers to correct errors, declare undisclosed income, and file returns if missed earlier, even after the belated and revised return deadlines.

Save Tax on Equities with Tax Harvesting

CA Rohit Sonar 08 March 2025 at 08:26

With the new Income Tax Act maintaining the existing set-off and carry-forward provisions, tax harvesting will continue to be a viable strategy for optimizing tax liability on capital gains.

Comparison of ITR-U (Section 139(8A)) and Condonation of Delay of ITR (Section 119(2)(b))

CA Varun Gupta 07 March 2025 at 08:44

The Income Tax Act, 1961, provides different mechanisms for taxpayers to address missed deadlines for filing Income Tax Returns (ITR).

TDS on Rent Under Section 194-IB: Understanding the Transition from 5% to 2%

CA Harshali Salvi 06 March 2025 at 08:34

The Union Budget 2024 reduced the TDS rate on rent payments under Section 194-IB from 5% to 2%, effective October 1, 2024.

Tax Saving Strategies for Taxpayers in this March!

CA Umesh Sharma 04 March 2025 at 08:34

Discover expert tax-saving tips as Krishna guides Arjuna through deductions, exemptions, and strategies under the new and old tax regimes. Maximize savings and minimize tax liability with smart financial planning!

ITR-U - Belated Return u/s 139(8A): A Detailed Overview after Budget 2025

CA Varun Gupta 03 March 2025 at 08:30

The Updated Income Tax Return (ITR-U) is a recent provision introduced under Section 139(8A) of the Income Tax Act, 1961. This provision gives taxpayers an opportunity to correct errors or omissions in their previously filed returns, even after the prescribed deadlines have passed.

The Role of CS in Tax Compliance: A Case for Inclusion in the Income Tax Act, 2025

Team IN Filings 03 March 2025 at 08:30

After the ICSI's multiple representations to the Income-Tax Bill Review Committee, the government is conducting a study to determine whether CS should be recognized as an Accountant.