Income Tax Articles

Income Tax Department Sends Notices to 22,000 Taxpayers Over Deduction Discrepancies

Rashmi 12 September 2023 at 09:00

The Income Tax Department (ITD) has recently sent out notifications to around 22,000 taxpayers, including salaried individuals, high-net-worth individuals, trusts, and Hindu Undivided Families (HUFs).

Beware of Cash Transaction under Income Tax Act

CA Umesh Sharma 12 September 2023 at 09:00

Some important provisions under Income Tax Act relating to cash transactions

Smart Tax Filing, Investment and Legacy Planning: A Guide for Every Age

Rashmi 08 September 2023 at 14:23

If you file your tax return after the due date, it could be considered late filing. You might have to pay a late fee as per Section 234F. However, if you originally filed your return on time (by July 31st) and verified it within 30 days of e-filing, you can still revise it later.

Guidelines for Implementing the Supreme Court's Ruling in Pr. CIT (Central-3) v/s Abhisar Build well Pvt. Ltd.

Vivek Jalan 02 September 2023 at 09:07

Instruction regarding implementation of the judgment of the Hon’ble Supreme Court in the case of Pr. CIT (Central-3) v/s Abhisar Build well Pvt. Ltd. (Civil Appeal No. 6580 of 2021)

ITR missed for AY 2023-24? File belated ITR

CS Lalit Rajput 31 August 2023 at 09:02

The Income Tax Act, 1961, allows taxpayers to file a belated income tax return if they miss the original deadline for filing their returns. The belated return provision is covered under Section 139(4) of the Income Tax Act.

PAN Card Forms

Mitali 30 August 2023 at 15:32

PAN serves as a crucial identification tool for various financial transactions and is used to track taxpayers and their financial activities.

Form 60 and Form 61

Nikita Agarwal 30 August 2023 at 08:50

Form 60 and Form 61 are used in India for certain financial transactions. Form 60 is used when an individual does not have a Permanent Account Number (PAN) and is carrying out specified transactions that require PAN. It is a declaration of identity and address.

FAQs on Taxation of Capital Gains

Shivani 29 August 2023 at 16:55

Decoding FAQs on Taxation of Capital Gains

FAQs on Tax Deducted at Source (TDS)

Mitali 29 August 2023 at 15:47

FAQs on Tax Deducted at Source (TDS)

Essential Documents and Procedures for Income Tax Audit: A Simplified Guide

Rashmi 29 August 2023 at 15:26

For income tax audit purposes, individuals with business or professional income must maintain specific documents to ensure accurate reporting and prevent tax evasion. This helps the government collect revenue fairly and scrutinize complex financial transactions.