Income Tax Articles

TCS Rate: Responsibility to collect TCS as per Income Tax Act

Mitali 27 March 2024 at 12:09

The responsibility to collect Tax Collected at Source lies with certain specified persons or entities as mandated by the Income Tax Act. These entities collect tax from the payee at the time of sale or provision of certain goods or services.

Exemption u/s 54 cannot be denied merely due to mistake by the developer

CA. Bhavik P. Chudasama 27 March 2024 at 11:56

Mukesh Harilal Mehta Vs ITO 16(3)(1) (ITAT Mumbai) Appeal Number : ITA No. 2256/MUM/2023

Section 43B (h) of Income Tax Act, 1961 - Disallowances of expenses due to non-payment to MSMEs

CA Piyush Agarwal 27 March 2024 at 10:25

Section 43B (h) of Income Tax Act, 1961

Burn All Your Previous MSME Outstanding Before 31st March 2024?

CA Umesh Sharma 27 March 2024 at 08:43

The introduction of Section 43B(h) in the Income Tax Act, 1961, signifies a move towards responsible business practices, similar to celebrating Holi with not only colours but with care and consideration for others.

Beyond Borders: Understanding the Impact of the Black Money Act on Foreign Assets and Income

DHANUSH D BOLAR 26 March 2024 at 07:30

This article simplifies these requirements, covering property, stocks, ESOPs, and shares held abroad. Understanding what needs to be disclosed in the income tax returns and the consequences of non-compliance can help avoid legal and financial penalties.

ITR Deductions Under New Tax Regime

CS Lalit Rajput 23 March 2024 at 17:05

The new tax regime offers lower tax rates but fewer deductions compared to the old regime

Jewellery seizure and addition under Income Tax: Validity and Limits

Vivek Jalan 22 March 2024 at 08:49

There is no limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance.

Applicable for FY 2023-24 (AY 2024-25)

Priya Mulukutla 21 March 2024 at 11:27

Change in Tax Slab under New Regime for Individuals and HUF

Important Financial Tasks To Complete Before 31st March 2024

Priya Mulukutla 18 March 2024 at 10:31

In India, we follow a financial year where the year starts on the 1st of April and ends on the 31st of March. As the name suggests, this is tied in with various financial reporting and accounting purposes.

ITR U - How to file ITR of previous 3 years

Sparsh Wadhwa 16 March 2024 at 07:22

The updated return, or ITR-U, was put forward in the Union budget of 2022 to provide taxpayers with an additional chance to submit if they missed the deadline for filing their tax returns late or to correct any mistakes they made.