Income Tax Articles

Decoding Safe Harbour for Intra-Group Loans: New Income Tax Rules Explained

CA Aman Rajput 21 December 2023 at 07:11

The Central Board of Direct Taxes (CBDT) has recently released the Income-tax (Twenty-Ninth Amendment) Rules, 2023, making significant changes to how intra-group loans are treated for tax purposes.

Automatic Income Tax Arrears Relief Calculator u/s 89(1) and Form 10E for FY 2023-24

Pranab Banerjee 18 December 2023 at 07:47

Download Automatic Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the FY 2023-24

Jewellery Found During Search Not Abnormal for High Net Worth Individuals

CA Aman Rajput 16 December 2023 at 08:14

Whether jewellery found during a search at an HNI's premises could be considered unexplained income under section 69A of the Income-tax Act, 1961.

Form 12BB for employees to submit declaration and Investment proof to save their taxes

Sparsh Wadhwa 15 December 2023 at 09:22

Using Form 12BB, an employee has to declare the investments that they have made during the year. Documentary evidence of these investments and expenses has to be provided at the end of the financial year as well.

Download and Organize Form 16 Part B and Part A&B in Excel for FY 2023-24

Pranab Banerjee 15 December 2023 at 09:22

In this article, we will delve into the nitty-gritty of preparing Form 16 Part B and Part A&B in Excel for the Financial Year 2023-24.

TCS On Remittance Under Liberalised Remittance Scheme & Overseas Tour Programme Package

Geetanjali Pandey 14 December 2023 at 11:55

In the realm of international financial transactions, the Liberalized Remittance Scheme (LRS) has become a popular avenue for Indian residents. This article delves into the intricacies of remittance under LRS and the consequential Tax Collection at Source (TCS) under Section 206C(1G) of the Income Tax Act.

CSR expenditure is allowable u/s 80G of IT Act - On the maxim of 'Expressio Unius Esl Exclusio Alterius'

Vivek Jalan 13 December 2023 at 14:31

Allowability of CSR expenditure has been sealed after Explanation 2 to Section 37(1) was inserted in the Income tax Act 1961 w.e.f. 1.4.2015.

A Guide to Exemptions and Deductions Under Old Tax Regime for FY 2023-24 with Automated Form 16 Generation for 50 Employees

Pranab Banerjee 13 December 2023 at 08:55

Exemptions and Deductions Available Under Old Tax Regime FY 2023-24 With Automatic Income Tax Master of Form 16 which can prepare at a time 50 Employee's Form 16 for the FY 2023-24

Role of Compensatory Penalties in Business Regulation and the Pitfalls of Punitive Measures

Vivek Jalan 12 December 2023 at 14:33

Penalty is allowed if it is compensatory and teaches the assessee how to run its business in future. It is disallowed if it is a punishment for intentional violation of a law

Income Tax Preparation Software in Excel for Non-Government Employees for FY 2023-24

Pranab Banerjee 12 December 2023 at 09:05

This article explores the realm of income tax preparation software in Excel, offering insights into its benefits, features, and a step-by-step guide for the fiscal year 2023-24.