Income Tax Articles

Tax Compliance: Employees Not Liable for Employer's TDS Mismanagement

Affluence Advisory 27 November 2024 at 08:43

Explore the intricacies of TDS under the Income-tax Act, 1961, focusing on the responsibilities of deductors, TDS credit provisions, and key judicial rulings protecting deductees from being treated as assessee-in-default. Understand CBDT guidelines and recent high court judgments addressing TDS mismatches and employer-employee tax issues.

IT Department May Impose Rs 10 Lakh Penalty For Non Disclosure of Foreign Income

Sahil Jaiswal 26 November 2024 at 10:47

The Indian government has taken a strong stance against non-disclosure of foreign income and assets, especially with the implementation of stringent provisions under the Income Tax Act and international agreements such as FATCA

Section 40A(3): No Disallowance for Excessive Payments If Business Expediency and Party Genuineness Are Established

Vivek Jalan 26 November 2024 at 08:44

Excessive payment u/s 40A(3) are not disallowed in case business expediency and identity and genuineness of parties are proved

Taxpayers Win - Favourable Case for Rebate u/s 87A on Short-Term Capital Gains

CA Umesh Sharma 26 November 2024 at 08:39

It's a noteworthy Beena Manishbhai Fofaria V/s CIT(Appeals) case that clarifies the application of Section 87A, especially after the amendments brought by the Finance Act, 2023. This ruling is beneficial for many taxpayers.

Cracking the Direct Tax Code

CA Pallav Singhania 25 November 2024 at 08:43

The Direct Tax Code 2025 promises just that, aiming to simplify the tax system and empower taxpayers. Let's explore how this change could transform your financial journey!

Direct Tax Vivad se Vishwas Scheme, 2024 - A Step Guide

Nabin Agarwal 23 November 2024 at 08:40

For cases where an appeal is pending before an appellant forum as of July 22, 2024.

CBDT's Compliance-Cum-Awareness Campaign: A Step Toward Enhanced Transparency

CA Naveen Panwar 23 November 2024 at 08:40

The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for AY 2024-25, focusing on accurate reporting of foreign income and assets in Income Tax Returns (ITR).

CBDT's Revised Condonation Timeline: A Chartered Accountant's Perspective

CA Naveen Panwar 22 November 2024 at 08:38

The CBDT has recently issued a circular reducing the time limit for filing condonation of delay applications related to ITR. This procedural update is critical for taxpayers seeking to rectify past filing delays, especially for claiming refunds or carrying forward losses.

Income Tax Act Revamp (Comprehensive Review): Status and Suggestion on TDS/TCS provisions (Cumbersome, Rates & Overlap)

Vivek Jalan 22 November 2024 at 08:38

The income tax department has received 6,500 suggestions from stakeholders over the past month on review of the Income Tax Act.

Choosing the Best Tax Regime for an Annual Income of Rs 10 Lakh: New vs Old

CA Naveen Panwar 20 November 2024 at 08:40

As an individual with an annual income of ₹10 lakh, one of the key decisions you need to make when filing your taxes is choosing between the old tax regime and the new tax regime.