Income Tax Articles

Decoding Tax Updates: Major Revisions in ITR Forms for AY 2024-25

CMA Sonam Verma 15 March 2024 at 14:54

A comprehensive analysis of the new ITR Forms has been conducted, focusing on identifying key changes and introducing new requirements compared to the previous year's ITR Forms.

ITAT Judgement - Ignorance of the Provisions of Section 269 will initiate penalty proceedings u/s 271E

Affluence Advisory 15 March 2024 at 14:54

ITAT: Upheld penalty, states that poor history of clearance of cheque is not valid reason to make repayment in cash and against the mode prescribed under Section 269T of the Income-tax Act, 1961.

Making SME Payments by 31st March 2024 for compliance u/s 43B(h) of Income Tax Act

Vivek Jalan 15 March 2024 at 08:48

In this article, we pen down the statutory requirements and analysis of this new amendment in detail.

Advance tax e-campaign based on significant transactions

Sparsh Wadhwa 15 March 2024 at 08:48

The Income Tax Department has received information on financial transactions relating to XXXX SINGH PAN XXXXX1650X for Financial Year 2023-24 (AY 2024-25). It is seen that your advance tax payment for F.Y. 2023-24 is apparently not commensurate with such financial transactions undertaken by you during this period.

Understanding Electoral Bonds: An Insight into India's Political Funding Mechanism

CMA Sonam Verma 14 March 2024 at 14:06

In this article, we'll delve into the concept of electoral bonds, their functioning, controversies surrounding them, and their implications for Indian democracy.

Recent Tax Updates

Venkat Raj 14 March 2024 at 09:00

The Financial Year 2023-24 is coming to an end in fortnight. The books of accounts of all entities are at the closing stage, and wherever a requirement arises, provision as required needs to be created. Let us analyze a recent ruling!

ITR Filling for Businesses For FY 2023-24

Priya Mulukutla 13 March 2024 at 12:25

Filing an Income Tax Return(ITR) for businesses is an intricate and extensive process involving many important aspects that the entity should consider.

Remission and Extinguishment of Tax Demand

Affluence Advisory 12 March 2024 at 14:54

This article summarizes a recent order issued by the Central Board of Direct Taxes (CBDT) on the remission or extinguishment of small tax demands outstanding as of January 31, 2024, under the Income Tax Act 1961 (ITA), Wealth Tax Act 1957, or Gift Tax Act 1958 (referred to as relevant Acts).

Points to remember while filing ITR for FY 2023-24

Priya Mulukutla 12 March 2024 at 12:08

Filing Income Tax Returns (ITR) can be confusing and time-consuming when not done methodically. Here are a few points to remember to aid everyone’s return filing process.

Allowability of Interest on delayed payment of TDS

CA VIVEK JALAN 12 March 2024 at 08:53

For claiming an expenditure while determining the taxable income, an assessee should satisfy the twin conditions of allowance of expenditure pursuant to the provisions of Sec. 30 to 37 of the Act.