Income Tax Articles

Surge in Defective ITR Notices: Understanding the Reasons Behind the Increase

Sachin 24 August 2024 at 08:25

In recent times, many taxpayers have reported receiving defective Income Tax Return (ITR) notices from the tax department. This uptick (increase) has raised concerns and questions about why such notices are becoming more common.

Income Tax Refunds: Navigating Cyber Fraud and AI-Driven Scams

Sachin 22 August 2024 at 08:28

Here's a comprehensive overview of how these frauds operate, why they are effective, and how you can protect yourself.

Comprehensive Guide to Income Tax Allowances for Salaried Individuals: 2024 Updates

Pranab Banerjee 22 August 2024 at 08:28

A detailed overview of various allowances as per the Income Tax Act and the 2024 Budget.

The Angel Tax Controversy: A Comprehensive Overview

Sachin 21 August 2024 at 17:17

Angel Tax, introduced in 2012 under Section 56(2)(viib) of the Income Tax Act 1961, was a tax levied on startups receiving investments from angel investors when the amount raised exceeded the fair market value of the shares issued.

ITAT Mumbai Rules Rs 20 Lakh Gift from UAE Brother Exempt from Tax

Sachin 21 August 2024 at 07:12

ITAT Mumbai rules that a Rs 20 lakh gift received from a brother in the UAE is exempt from tax under the Income Tax Act, providing clarity on tax-free gifts from relatives abroad.

The Risks of Early Tax Filing: What You Need to Know

Sachin 20 August 2024 at 08:37

Understand the risks associated with early tax filing.

Bandhans on Accepting Gifts on Raksha Bandhan!!

CA Umesh Sharma 19 August 2024 at 11:14

On this special day, many brothers and sisters exchange gifts as a token of their love and bond. But what about the tax implications of these gifts?

Automatic Income Tax Arrears Relief Calculator u/s 89(1) with Form 10E for FY 2024-25

Pranab Banerjee 15 August 2024 at 06:59

Download Automatic Income Tax Arrears Relief Calculator u/s 89(1) with Form 10E for the FY 2024-25 as per Budget 2024

Calcutta HC Upholds ITAT's Deletion of Income Tax Addition u/s 69 of the Income Tax Act

Sachin 14 August 2024 at 08:42

Upholding ITAT's decision to delete income tax addition under Section 69 of the Income Tax Act (ITA) due to lack of direct evidence.

Can You Access Your Spouse's ITR Statements Under RTI During Divorce Proceedings?

Sachin 13 August 2024 at 08:40

During divorce proceedings, obtaining your spouse’s Income Tax Return (ITR) statements is often crucial for determining financial obligations and fair maintenance.