In her budget speech in July 2024, Finance Minister Nirmala Sitharaman announced a comprehensive review of the Income-Tax Act. The review is expected to be completed before the next Budget, aiming to reduce compliance burdens and improve clarity for taxpayers.
The Finance (No. 2) Bill, 2024 was presented by the Hon'ble Finance Minister (FM) Nirmala Sitharaman on 23 July 2024. While moving the Bill for approval by the Lok Sabha on 7 August 2024, the FM introduced amendments to FB (No, 2) 2024 (Amended Bill) and the bill was passed on 16th of August, 2024 in form of THE FINANCE (No. 2) ACT, 2024.
Tax planning is vital for effective financial management and avoiding penalties. The income tax department has outlined crucial deadlines for September 2024.
You can file a belated Income Tax Return (ITR) if you missed the original deadline of July 31. The deadline to file a belated ITR is December 31 of the assessment year.
The entity ABC is a public limited company domiciled in India. The Government of India holds 52% in the paid-up equity capital of the company as of 31st March, 2023
This guide highlights the benefits of NSC, including tax advantages and a strategy to create a pension-like income, emphasizing its value as a stable, secure investment option.
In recent times, many taxpayers have reported receiving defective Income Tax Return (ITR) notices from the tax department. This uptick (increase) has raised concerns and questions about why such notices are becoming more common.
Here's a comprehensive overview of how these frauds operate, why they are effective, and how you can protect yourself.
A detailed overview of various allowances as per the Income Tax Act and the 2024 Budget.
Angel Tax, introduced in 2012 under Section 56(2)(viib) of the Income Tax Act 1961, was a tax levied on startups receiving investments from angel investors when the amount raised exceeded the fair market value of the shares issued.