Income Tax Articles
Understanding the Direct Tax Code: A 100-Sentence Journey
Pranab Banerjee
30 November 2024 at 08:53
The Direct Tax Code (DTC) is a proposed framework to overhaul India’s direct tax structure. It aims to replace existing laws like the Income Tax Act of 1961 with a more contemporary, efficient system.
"Date of initiation" for calculating time barring period of Issuing Order for penalty u/s 275
Vivek Jalan 30 November 2024 at 08:41
In terms of Section 275(1)(c) of the Income Tax Act, no order imposing penalty could be passed after the expiry of six months from the end of the month in which the action for imposition of penalties was initiated.
Everything About Newly Introduced PAN 2.0
CA Aman Rajput 29 November 2024 at 08:49The government has recently launched this PAN 2.0 project as part of its broader vision of digital transformation and governance simplification as per the Digital India initiative
Government to Introduce QR Code-Based PAN Cards: 78 Crore PAN Cards to Be Replaced
CA Naveen Panwar 28 November 2024 at 08:43In a major technological upgrade, the Indian government is set to revolutionize the Permanent Account Number (PAN) system by introducing QR code-enabled PAN cards.
PAN 2.0: A Digital Leap in Taxpayer Services
Mitali 27 November 2024 at 16:35The Permanent Account Number (PAN) has long been a cornerstone of India's financial and administrative systems, connecting individuals and businesses to vital economic activities while promoting financial transparency and compliance.
Impact of Tax Reforms on the Middle Class: Analysis of Recent Policies
Chaitra Seetharam 27 November 2024 at 10:49This article examines the intricate relationship between tax reforms and the middle class, focusing on how recent policy changes have affected their financial situations.
Tax Compliance: Employees Not Liable for Employer's TDS Mismanagement
Affluence Advisory 27 November 2024 at 08:43Explore 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 10:47The 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 08:39It'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.
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