Income Tax Articles

Section 270A(9): Importance of Citing Specific Clauses for Alleged Income Misreporting

Vivek Jalan 16 December 2024 at 08:47

The concepts of 'underreporting of income' and 'misreporting of income' are two different charges with very clear boundaries. Sec. 270A(2) of the Income Tax Act deals with the concept of 'underreporting of income'

Arbitrary Rejections of Section 154 Rectification Requests Challenge Taxpayers

CA Varun Gupta 16 December 2024 at 08:47

The recent rejection of a rectification request under Section 154 of the Income Tax Act, 1961, by the Income Tax Department without providing any explanation has drawn criticism.

Advance is taxable in the year of receipt

Vivek Jalan 13 December 2024 at 06:21

In the case of a works contractor, an AMC provider, or another service provider, collection of the entire year's charges is done one go in advance. The amount is many a time recorded as "current liability" in the balance sheet as "income received in advance."

Key Deadlines to remember in the month of December!

CA Umesh Sharma 12 December 2024 at 08:45

December isn't just about celebrations; it's also a busy month for taxpayers and businesses. Missing any important deadline will lead to fines, interest, or may even lose refunds.

Taxpayers with Undisclosed Foreign Assets Must Revise ITRs by 31st Dec 2024

Vivek Jalan 11 December 2024 at 08:48

Taxpayers with undisclosed Foreign Assets like real estate, bank accounts, shares, debentures, insurance policies or Foreign Income to revise their ITRs by 31st December 2024... atleast those who get e-mail or SMS

Stock-in-Trade and Section 40A(3): Cash Payments Under the Microscope

CA Dipak Dama 10 December 2024 at 08:46

In this article, we examine major provisions exceptions & judicial decisions which deal with the application of Section 40A(3).

Examples of Direct Tax and Indirect Tax in Everyday Life

Ishita Ramani 09 December 2024 at 08:45

This article explores examples of direct tax and indirect tax in everyday life that will help you apprehend their impact.

Income Tax Implications on Sale of Property

CA AJIT YADKIKAR 09 December 2024 at 08:45

The sale of property in India has tax implications which depend on various factors like the type of property, holding period, and the residential status of the seller.