Income Tax Articles

New Income Tax Form 71: Correcting TDS Errors

CA Brijmohan Lavaniya 07 October 2023 at 09:13

The Central Board of Direct Taxes (CBDT) has introduced a new electronic form called Form 71 to help people correct errors in tax deduction at source (TDS). This change is part of the Income Tax Rules, 1962 and will come into effect on October 1, 2023.

The Simplification of the Income Tax System

Pranab Banerjee 04 October 2023 at 09:13

In the realm of financial governance and economic management, the simplification of the income tax system has always been a topic of paramount importance.

Tax Compliance Tracker - October 2023

CS Lalit Rajput 03 October 2023 at 09:03

Tax Compliance Tracker for the month of October, 2023

Penalties for Not Filing Tax Audit Report

Startup Solicitors LLP 30 September 2023 at 14:27

In India, the Income Tax Act mandates that certain individuals and entities must undergo a tax audit and file a Tax Audit Report (TAR) by a specified due date. Failing to comply with this requirement can lead to various penalties and consequences. Let's explore the penalties for not filing a Tax Audit Report in India:

Exit Tax Explained: Tax Liability on International Relocation

CA Ajay goel 30 September 2023 at 09:15

Exit taxes are levied by governments on individuals, businesses, or assets when they leave a country.

Applicability Of Audit Report 10BB And Disclosure Requirement In Audit Report

Geetanjali Pandey 29 September 2023 at 10:13

Applicability of Form 10BBIt will be applicable where : Total income of the trust or institutions does not exceed Rs. 5 crore during the previous year. Where th..

Promoters and Board of Director's New Focus: Inventory Valuation under Income Tax

CMA Navneet Kr Jain 29 September 2023 at 09:52

The Central Board of Direct Taxes under the Department of Revenue, Ministry of Finance, Government of India on 27th Sep 2023 notified the Form 6D for Inventory Valuation. The budget 2023 brought in provision with regard to the Inventory Valuation by Cost Accountants on the directions from the Income Tax Department under section 142(2A).