Income Tax Articles

How to file an appeal before ITAT

CA.Sangam Aggarwal 03 February 2024 at 08:50

Filing an income tax appeal before the Income Tax Appellate Tribunal (ITAT) is a crucial step for taxpayers seeking resolution on disputed tax matters. The relevant section that governs the filing of an appeal before the ITAT is Section 253 of the Income Tax Act. Here's an overview of Section 253:

Powers of the CIT(A) Limited to AO's Scope under Section 251 of Income Tax Act

Vivek Jalan 03 February 2024 at 08:50

Powers of the CIT(A), of enhancement under section 251 of Income Tax Act is restricted to the matter dealt with by the AO

Budget 2024: Income Tax Slabs Rates for AY 2025-26 and Other Updates

Sparsh Wadhwa 02 February 2024 at 08:58

Finance Minister Nirmala Sitharaman today on February 1 presented the Union Budget 2024 inside the Lok Sabha. No changes have been introduced in the tax slabs in old and new tax regimes.

Analysis on New Clause (H) of Section 43B of the Income tax Act, 1961

CA. Nirmeet Shah 02 February 2024 at 08:58

The Finance Bill 2023 has introduced a significant amendment to the Income Tax Act, 1961, relating to Micro and Small Enterprises (MSMEs) which is applicable from 1st of April, 2023.

Treatment of Shares Premium received by closely held company on issue of shares

CA.Sangam Aggarwal 31 January 2024 at 08:51

Before understanding the tax treatment of premium received by closely held company on issue of shares under section 56(2)(viib) of Income Tax Act, 1967 lets discuss the problem before introduction of this section with the help of example.

How to respond to Income tax notices of non-filing of ITR of previous years?

Sparsh Wadhwa 31 January 2024 at 08:51

In this article, we can discover the reasons for receiving those notices, the capability results, and the steps people can take to deal with the scenario.