Income Tax Articles
Navigating Penalties and Interest: Exploring Limits and Authority in the Mahindra & Mahindra Case
This article unravels the case's legal complexities and probable customs repercussions.
What is Taxability on lump sum or monthly amount received from the builder?
Crux of this article is to examine whether redevelopment compensation paid by the builder on account of hardship faced by the owner of a property due to displacement of the occupants, alternate accommodation, etc., is in the nature of capital receipt taxable.
Demystify Intricacies of Deduction under Chapter VI-A
28 August 2023
4211 Views
A Comprehensive Guide for the FY 2023-24 with Auto Calculate Income Tax Preparation Software in Excel for the FY 2023-24
New Income Tax Slabs (FY 2023-24): An Illustrative Analysis
Rebate limit of Personal Income Tax to be increased to Rs. 7 lakh from the current Rs. 5 lakh in the new tax regime. Thus, persons in the new tax regime, with income up to Rs. 7 lakh to not pay any tax.
Safe Harbour Rules extended to AY 2023-24
The Safe Harbour Rules for Transfer Pricing were introduced by the Finance Act, 2009 to reduce the transfer pricing disputes, provide certainty to taxpayers, align safe harbour margins with industry standards, and expand the scope of safe harbour transactions.
What to Do If You Receive an Excess Income Tax Refund: A Simple Guide
In recent years, the Income Tax Department has been processing income tax returns (ITR) faster. However, this speedy process has led to some issues. When ITRs are processed quickly, taxpayers might not have enough time to correct mistakes they made in their original returns.
What is Schedule Assets and Liabilities (Schedule AL)?
24 August 2023
50851 Views
Schedule AL is a statement of disclosure of assets and liabilities which the taxpayer shall disclose in the Income Tax Return (ITR). This was introduced from AY 2016-17.
Income Tax Audits Decoded: A Practical Manual for Business and Professional Individuals
If you earn money through a business or as a professional, there are certain rules set by the government that you need to follow. These rules ensure that your financial records are accurate and that you're paying the right amount of taxes.
Discipline regarding "quasi-criminal" penal proceedings
Discipline regarding penal action under various tax laws are widely discussed. Two interesting recent cases under Income Tax allows one to reflect further.
Which ITR to choose for Commission Agents: ITR 3 or ITR 4?
Commission Agents are Businessman or Professionals? What do you think?If you think that Commission Agents are Professionals, then you are wrong. Many people tho...
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