Clearing old dues to expedite refund process: The Income Tax Department has urged taxpayers to promptly respond to notifications regarding outstanding tax demands from previous years. This proactive step is aimed at expediting the clearance of refund for the fiscal …
Introduction Tax Audit u/s. 44AB of Income Tax Act: An ‘audit’ is essentially a thorough examination, review, or inspection of various records, transactions, or accounts to ensure accuracy, compliance, and reliability. In the realm of taxation, a ‘tax audit’ holds …
On consideration of difficulties reported by taxpayers and other stake holders, the CBDT has extended time limit in respect of the following compliances: 1. The due date of furnishing audit report in form 10B/10BB by a fund/trust/institution or any university/ …
Introduction In case you’ve already filed your Income Tax Return, there is always a possibility of getting an Income Tax notice for various reasons. It is essential not to stress, if you’ve accurately provided all the necessary details to the …
Introduction The process of income tax return filing involves adhering to specific timelines set by the government. These deadlines are established to streamline the taxation system and ensure smooth operations. A taxpayer who misses these due dates may face penalties …
Introduction Capital Gain Tax on Sale of Securities: Capital gains tax is a crucial aspect of the investment world, one that demands careful attention and consideration from investors. As far as capital gain tax on sale of securities is concerned, …
Introduction Capital gains refer to the profit earned from the sale of a capital asset, such as stocks, bonds, or real estate. In simple terms, if the selling price of the asset is higher than its purchase cost, the difference …
Introduction Cryptocurrency Taxation in India: In the wake of the 2022 Union Budget, the Indian government made a significant shift in its stance on cryptocurrencies and virtual digital assets (VDAs). As a result, it has become imperative for individuals to …
Relief u/s.89 of IT Act: Section 89 of the Income Tax Act is a provision that helps individuals reduce the extra tax burden they may face due to receiving salary, pension, compensation, or gratuity in arrears or advance. Sometimes, an …
Appeal before Commissioner of Income Tax: An Assessing Officer (AO) plays a pivotal role in the tax system, ensuring that taxpayers accurately declare their income and calculate their tax liabilities. Additionally, AOs have the authority to investigate potential cases of …
Presumptive Taxation Scheme u/s. 44ADA & 44AE of Income Tax Act: The Income Tax Act has introduced provisions under sections 44ADA and 44AE to ease the compliance burden of small taxpayers in India. These sections offer a Presumptive Taxation Scheme, …
Presumptive Income under section 44AD: The Income Tax Act of 1961 mandates individuals engaged in business and professions to maintain books of accounts and undergo account audits. However, to ease the compliance burden on small taxpayers, the Act has introduced …
Updated return under Income Tax Act was introduced in Budget 2022 by insertion of a new section 139(8A) in the Act and this came into effect from 1st April 2022. As per Section 139(8a) of Income Tax Act, Updated Returns …
Section 269SS of Income Tax Act: As per Section 269SS of Income Tax Act, a person cannot accept loan or deposit or any other specified sum of Rs.20000 or more from another person, otherwise than by an account payee cheque …