Income Tax Articles

Connecting the Dots: Making the Most of AIS Changes in Tax Reporting

Rashmi 18 August 2023 at 14:38

The Annual Information Statement (AIS) is a document that displays the record of taxes deposited by an individual throughout a financial year.

Exploring Six Primary Types of Income Tax Notices for Salaried Individuals

Rashmi 17 August 2023 at 14:10

If you make a mistake on your filed Income Tax Return (ITR), the tax department can send you a notice. Basically, there are six main types of income tax notices that salaried individuals might receive

1,000+ Income Tax Notices issued on Moonlighting Income for financial years 2019-2020 and 2020-2021!!

Abhishek Raja 17 August 2023 at 10:21

The Income Tax Department has recently taken action to address the issue of individuals failing to disclose their additional income from moonlighting activities in their Income Tax Returns (ITRs).

Unlocking Tax Compliance: Demystifying Updated Income Tax Returns

Rashmi 17 August 2023 at 09:12

Certainly! In an effort to encourage people to comply with tax regulations, the government introduced the concept of an "updated income tax return" as part of the 2022 Budget.

Capital Gain Tax on Sale of Agricultural Land

Mitali 14 August 2023 at 16:26

The agricultural land in India serves as a fundamental pillar of the economy, playing a crucial role in generating employment and ensuring food security for the nation.

House Property Tax Planning

Shivani 12 August 2023 at 17:31

Income from house property refers to the rental income or deemed rental income that a person earns from a property they own, whether it's residential or commercial. The property can be located anywhere in India.

Various Types of PAN Applications

Ayush 12 August 2023 at 15:28

PAN stands for "Permanent Account Number." It is a unique, ten-digit alphanumeric identifier issued by the Income Tax Department of India to individuals, businesses, and entities for the purpose of tracking financial transactions and taxation.

Analysis of Sec 50C & 43CA of the Income Tax Act

Geetanjali Pandey 12 August 2023 at 09:36

Here, the author has tried to explain the applicability of two provisions of the Income Tax Act which is related to Immovable property being Land and building. ..

Can You Change Tax Regime When Filing Belated ITR from the Previous Year?

Rashmi 12 August 2023 at 08:55

Missing the initial deadline to file your Income Tax Return (ITR) for the fiscal year 2022-23 (Assessment Year 2023-24), which was July 31, 2023, need not cause undue concern. You can still submit your ITR after the original deadline by paying a penalty.

A Guide to Mastering Tax Deductions and Exemptions While Staying Compliant

Rashmi 11 August 2023 at 09:02

When you're filing your income tax return (ITR), it's crucial to be cautious while claiming tax exemptions and deductions. The tax department might ask for proof of the deductions and exemptions you've claimed in your ITR, both for the current year and past years. If you can provide the required evidence, there's no need to worry.