As the due dates are not so far to file your Income Tax returns for the FY 23-24, as an individual taxpayer one cannot contribute that much in form of taxes on their earnings.
Section 2(42C) of the Income-tax Act, 1961 (IT Act) defines the term slump sale" as the transfer of one or more undertakings, by any means, for a lump sum consideration without values being assigned to the individual assets and liabilities in such a transfer
Form 26QB is a statement cum challan for the online payment of TDS on property transactions.
Freelance income includes earnings that you generate from completing freelancing tasks. Freelancing is a form of self-employment as you are not hired by the company or placed on its payroll.
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.
Live class on PF & ESI Enrollment & Returns Filing(with recording)