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.
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.
The Finance Act 2023 has amended the provisions of Section 115BAC w.e.f. AY 2024-25 to make the new tax regime the default tax regime for the assessees being individuals, HUF, AOP (not being cooperative societies), BOI, or artificial judicial persons.
Discover solutions to common ITR issues and get answers to frequently asked questions for filing your income tax return for AY 2024-25.
Taxation in India has been through a long journey of three centuries to reach where it stands today. We have tried to explain the journey chronologically in this article!
In this article, we will look at the compliance calendar for July 2024, which includes Income tax compliances/PF/ESI.
Filing an income tax return (ITR) is a crucial annual task for taxpayers, ensuring compliance with tax laws and facilitating smooth financial planning. As the Financial Year (FY) 2023-24 draws to a close, it is imperative to be well-prepared and informed before filing your ITR. Here are the key considerations to keep in mind.
In this article, we will discuss the meaning of a Hindu Undivided Family, the tax benefits of a Hindu Undivided Family, and the drawbacks of a Hindu Undivided Family.
NIL Return means when an individual filed Income Tax Return which is below the threshold limit. While it not so mandatory if you have no taxable income for the year. But it can be beneficial for record-keeping and other administrative purposes.
The Income Tax Department gave an important update regarding the Validation of Bank Accounts. The Department took to X (formerly known as Twitter) to bring the taxpayers' attention to the necessity of validating bank accounts for the smooth receipt of refunds.
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