Income Tax Articles

Suggestion to Permanently Change ITR Filing Due Date to 31st August

Mitali 22 July 2024 at 11:54

Suggestion to permanently change the deadline has been given by the taxpayers as they are facing difficulty in accessing Form 26AS and AIS. Due to technical issues on the Income Tax Portal, there is an increasing demand to extend the ITR filing deadline from July 31, 2024, to August 31, 2024.

Payment of Tax Liability by Transferee of Transferor in an agreement of amalgamation is of capital nature [Bombay HC]

FCS Deepak Pratap Singh 22 July 2024 at 08:29

In the instant case, evidently, the tax liability discharged by the assessee was in pursuance of the agreement with the transferor for taking over the business and was a part of the consideration for the transfer.

Slump Sale - Section 50B of Income Tax Act 1961

J. D. Shah Associates 19 July 2024 at 08:33

What is a Slump Sale?According to Section 2(42C) of the Income Tax Act, 1961, a ‘slump sale’ refers to the transfer of one or more undertakings as a

Cryptocurrency and Taxes: Reporting Your Gains in the ITR

CA Prateek Agarwal 19 July 2024 at 08:28

This article outlines how to effectively report your cryptocurrency gains and ensure compliance with tax regulations.

New Changes in Section 87A Rebate Post-July 2024

Mitali 17 July 2024 at 17:22

Recent change in ITR utility for rebate u/s 87A has caused confusion and concerns among taxpayers and professionals.

Understanding Form 26AS: A Key Component for Filing Income Tax Returns (ITR)

CA Prateek Agarwal 17 July 2024 at 08:42

This article delves into what Form 26AS is, its significance, and what taxpayers should know while filing their ITR.

Who Should File ITR even when Income is Below Exemption Limit?

CA Umesh Sharma 16 July 2024 at 08:37

Arjuna (Fictional Character): Krishna, the due date for filing of Income Tax Return for Individuals is 31st July, however still many people around the nation ha..

Benefits of Filing Return of Income

Affluence Advisory 13 July 2024 at 08:34

In this article, we make an attempt to discuss some of the benefits of filing income tax returns and what the best way to go about doing so is.

Tax Deduction on Purchase of Property: A Holistic Approach for Understanding Law and Practical Questions with Procedural Guide

Ashish Bansal 12 July 2024 at 08:42

Filing of Return of TDS on purchase of property under Income Tax Act under Form 26QB can be tricky and at times. It becomes more frustrating when there is some mistake after filing as the correction process may not be friendly for common person.

Netizens Shocked as Man Pays Rs 50,000 to Resolve Rupee 1 Income Tax Issue

Mitali 11 July 2024 at 11:36

A man in Delhi claimed about paying a large fee to a chartered accountant for a minor tax dispute. He paid Rs 50,000 to a CA for resolving a tax notice where the disputed amount was only Re 1.