Income Tax Articles

Towards a Modern Tax System: The Need for a New Income-Tax Act in India

Posted by Sachin 31 August 2024 1679 Views

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.

Amendments In Income Tax Act 1961 through Finance Act, 2024

Posted by Suyash Raj Nahata 30 August 2024 6040 Views

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.

Essential Income Tax Deadlines for September 2024

Posted by Sachin 30 August 2024 1231 Views

Tax planning is vital for effective financial management and avoiding penalties. The income tax department has outlined crucial deadlines for September 2024.

Filing Belated Income Tax Return & Common Reasons for Delayed Filing

Posted by Sachin 29 August 2024 1142 Views

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.

Case Study: Revenue Recognition

Posted by FCS Deepak Pratap Singh 28 August 2024 500 Views

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

Secure Your Future: National Savings Certificate (NSC) Benefits, Pension Strategy and Tax Advantages

Posted by Sachin 26 August 2024 237 Views

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.

Surge in Defective ITR Notices: Understanding the Reasons Behind the Increase

Posted by Sachin 24 August 2024 3965 Views

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.

Income Tax Refunds: Navigating Cyber Fraud and AI-Driven Scams

Posted by Sachin 22 August 2024 760 Views

Here's a comprehensive overview of how these frauds operate, why they are effective, and how you can protect yourself.

Comprehensive Guide to Income Tax Allowances for Salaried Individuals: 2024 Updates

Posted by Pranab Banerjee

22 August 2024 489 Views

A detailed overview of various allowances as per the Income Tax Act and the 2024 Budget.

The Angel Tax Controversy: A Comprehensive Overview

Posted by Sachin 21 August 2024 314 Views

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.