Articles by Rashmi

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

Posted by Rashmi 29 August 2023 16269 Views

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.

Understanding Recent Income Tax SMS: Form 60 and Reporting Entities

Posted by Rashmi 29 August 2023 5600 Views

Recently, many taxpayers have received a text message from the Income Tax Department. This message states that the department has noticed specific transactions reported in Form 60/61 for the financial year 2021-22.

What to Do If You Receive an Excess Income Tax Refund: A Simple Guide

Posted by Rashmi 25 August 2023 9721 Views

In recent years, the Income Tax Department has been processing income tax returns (ITR) faster. However, this speedy process has led to some issues. When ITRs are processed quickly, taxpayers might not have enough time to correct mistakes they made in their original returns.

Income Tax Audits Decoded: A Practical Manual for Business and Professional Individuals

Posted by Rashmi 24 August 2023 4534 Views

If you earn money through a business or as a professional, there are certain rules set by the government that you need to follow. These rules ensure that your financial records are accurate and that you're paying the right amount of taxes.

A Comprehensive Guide to Taxation and Documentation for Employee Stock Options Abroad in India

Posted by Rashmi 22 August 2023 3544 Views

Guide to Taxation and Documentation for Employee Stock Options Abroad in India

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

Posted by Rashmi 18 August 2023 3631 Views

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

Posted by Rashmi 17 August 2023 11000 Views

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

Unlocking Tax Compliance: Demystifying Updated Income Tax Returns

Posted by Rashmi 17 August 2023 3267 Views

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.

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

Posted by Rashmi 12 August 2023 2725 Views

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

Posted by Rashmi 11 August 2023 3772 Views

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.