CAclubindia Articles
ITR U - How to file ITR of previous 3 years
The updated return, or ITR-U, was put forward in the Union budget of 2022 to provide taxpayers with an additional chance to submit if they missed the deadline for filing their tax returns late or to correct any mistakes they made.
Sec 54B - Exemption From Capital Gain on Transfer of Land used for Agricultural Purposes
The exemption u/s 54B is available only if capital gain arises on transfer of land used for agricultural purpose is utilized for purchasing another land which will be utilized for the purpose of agriculture.
Assessment under the Income Tax Act 1961
The process of examining the return of income by the Income Tax department is called "Assessment".
Types of Taxes: Direct Tax and Indirect Tax
As we know Indian taxation system which comprises various types of Taxes but let's understand it in broader view let's check out with the word "TAX"
Rule 37 : Reversal of ITC on non-payment to vendors within 180 days
In this article, the author has examined the non-payment to vendor within 180 days of invoice date and the implications thereof to assessee.
Advance tax e-campaign based on significant transactions
The Income Tax Department has received information on financial transactions relating to XXXX SINGH PAN XXXXX1650X for Financial Year 2023-24 (AY 2024-25). It is seen that your advance tax payment for F.Y. 2023-24 is apparently not commensurate with such financial transactions undertaken by you during this period.
Decoding Tax Updates: Major Revisions in ITR Forms for AY 2024-25
A comprehensive analysis of the new ITR Forms has been conducted, focusing on identifying key changes and introducing new requirements compared to the previous year's ITR Forms.
ITAT Judgement - Ignorance of the Provisions of Section 269 will initiate penalty proceedings u/s 271E
ITAT: Upheld penalty, states that poor history of clearance of cheque is not valid reason to make repayment in cash and against the mode prescribed under Section 269T of the Income-tax Act, 1961.
GST on Flat Purchase for FY 2023-24
Buying a house is a significant and often long-term investment of money. GST is to be considered in such transactions. Knowing whether or not GST is applicable shall affect the budgeting of the buyer on such a purchase.
Making SME Payments by 31st March 2024 for compliance u/s 43B(h) of Income Tax Act
In this article, we pen down the statutory requirements and analysis of this new amendment in detail.
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