Income Tax Articles

How to Register on TDS TRACES Website

Shivani 12 September 2023 at 15:27

TRACES (TDS Reconciliation Analysis and Correction Enabling System) is an online platform in used for the reconciliation of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) statements filed by deductors or collectors with the income tax department.

An agreement for loan has to be accepted by AO unless proved fraudulent

Vivek Jalan 12 September 2023 at 09:02

Vide Finance Act, 2012, it was provided that the nature and source of any sum, in the nature of share application money, share capital, share premium or any such amount by whatever name called, credited in the books of a closely held company shall be treated as explained only if the source of funds is also explained in the hands of the shareholder

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.