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.
22 August 2024
489 Views
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.
ITAT Mumbai rules that a Rs 20 lakh gift received from a brother in the UAE is exempt from tax under the Income Tax Act, providing clarity on tax-free gifts from relatives abroad.
Understand the risks associated with early tax filing.
On this special day, many brothers and sisters exchange gifts as a token of their love and bond. But what about the tax implications of these gifts?
15 August 2024
12596 Views
Download Automatic Income Tax Arrears Relief Calculator u/s 89(1) with Form 10E for the FY 2024-25 as per Budget 2024
Upholding ITAT's decision to delete income tax addition under Section 69 of the Income Tax Act (ITA) due to lack of direct evidence.
During divorce proceedings, obtaining your spouse’s Income Tax Return (ITR) statements is often crucial for determining financial obligations and fair maintenance.
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