Income Tax Articles

What is Schedule Assets and Liabilities (Schedule AL)?

Posted by Poojitha Raam Vinay 24 August 2023 51078 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: Your Practical Guide for Professionals

Posted by Rashmi 24 August 2023 4543 Views

Understand income tax audits for businesses and professionals. Learn key dates, accountant roles, and submission deadlines to ensure compliance.

Tax Penalties: Can You Bargain with the AO?

Posted by Vivek Jalan 24 August 2023 1262 Views

Explore tax penalties under Income Tax Act. Can you agree to NIL income to avoid litigation? Learn about Section 271(1)(c) and 271D proceedings.

Which ITR to choose for Commission Agents: ITR 3 or ITR 4?

Posted by Soumya Laha 23 August 2023 137775 Views

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...

TDS Rate Chart FY 2023-24: Key Changes & Rates

Posted by Ishita Ramani 23 August 2023 268291 Views

Discover the TDS rate chart for FY 2023-24 (AY 2024-25). Learn about key changes from Budget 2023, including online gaming, EPF withdrawals, and cash withdrawal limits.

Taxation of commission income of insurance agents

Posted by Pooja Prasad 22 August 2023 168149 Views

A lot of confusion arises when it comes to the income tax filing of insurance agents. An insurance agent, although having aggregate turnover below the audit limits, cannot file his Income Tax Return u/s 44AD, i.e., ITR-4. How does he file his ITR then!