Income Tax Articles

Latest Changes in Property Taxation

CA.Sangam Aggarwal 01 August 2024 at 08:46

Our Honorable Finance Minister "Nirmala Sitharaman Ji" in the recent Final Budget of 2024 has proposed some important changes regarding taxation of property that will be discussed further in this article.

Unified Tax System? Revenue Secretary's Statement Sparks Debate on Old Regime

Sachin 31 July 2024 at 14:39

Income Tax Regime: Is the Old System Going to Become History? A Unified Tax System in India? Discussion Stirs Following Statement by Revenue Secretary

Income Tax Refund: Expect Delays This Year Due to New AI Scrutiny System

Sachin 30 July 2024 at 08:31

This year, taxpayers should anticipate delays in their income tax refunds. The government has implemented a rigorous (Strict) new system for scrutinizing income tax returns (ITRs) using a specially designed, self-automated artificial intelligence (AI) software program.

Income Tax Notice for Cash Deposits - Check These 6 Transactions

Naina Rajgoplan 29 July 2024 at 12:46

Then are the six deals that can attract an income duty notice for cash deposits

ITR Filing Due Date: July 31, 2024 - A Discussion on Advantages and Disadvantages

Sachin 29 July 2024 at 08:35

The deadline for filing Income Tax Returns (ITR) for the financial year 2023-24 in India is set for July 31, 2024. While the due date provides a clear timeline for taxpayers to fulfill their tax obligations, it has sparked a debate about its implications. Let's delve into the advantages and disadvantages of having a fixed due date and the effects of extending it.

Section 148: Comparing Existing vs. New Provisions in Finance Bill 2024-25

Anumanchipalli Sathikonda 27 July 2024 at 08:42

Comparative Study of Section 148 of Income-tax Act, 1961 - Existing Version Vs. New Version (as substituted by Finance Bill 2024-25)

Long Term Capital Gains Tax With No Indexation

Mitali 26 July 2024 at 16:20

Long-term capital gains tax rate will be 12.5% for all assets.

Everything about New TDS Section 194T

CA Aman Rajput 26 July 2024 at 08:31

In the Union Budget of 2024, FM Nirmala Sitharaman introduced this new section of TDS in the Income Tax Act, 1961 i.e. Section 194T. This section imposes Tax Deducted at Source on certain payments made to partners of a firm, including salary, bonus, commission, interest, or remuneration.

New Rules on Tax Case for Re-openings and Re-assessments

Mitali 25 July 2024 at 12:41

In Budget 2024, FM has simplified the provisions for reopening and reassessment to reduce tax uncertainty and disputes, providing relief to taxpayers.