As we are all aware, under the Income Tax Act of 1961, every assessee has to furnish his income tax return as required by 139. Once it has been furnished, the assessment part comes into play, where an assessing officer scrutinizes the ITR form and takes action as required.
Angel Tax which is governed by Section 56(2)(viib), was introduced in the Income Tax Act from the Assessment Year 2013-14 via finance bill, 2012 as a step to take up the circulation of unaccounted money in the name of share premiums which were received by private companies or closely held companies.
The Central Board Direct Taxes(CBDT) has released some guidelines relating to compulsory selection of Income tax returns for 100% Scrutiny during the financial year 2024-2025.
Just as electing the right candidate is important for the growth and security of the nation, choosing the right insurance policy is also equally tough and important job. What are your view on this?
Tax Compliance Tracker for the month of May, 2024
Our goal in this guide is to simplify the process, providing a detailed overview to ensure NRIs understand their obligations and rights under Indian tax laws.
This guide provides an overview of the due dates for professional tax payments in different Indian states. But first, let's understand what professional tax is...
Let me introduce you with TDS returns as we all are aware under Income tax act 1961, there are certain transactions & nature of expense on which there is a requirement of deduction of TDS (Tax Deducted at source) while making payment or crediting the party as the case may be.
As we all are aware the first step for computing tax liability of an assessee is determination of residential status which can be either Resident or Non-resident & according to which one can find the taxable income as it is important to declare residential status.
In this article, you will learn about all the transactions of which reporting is required under the Rule 114E
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