Income Tax Articles

Tax treatment of Livestock: Analysis

CA Aman Rajput 15 May 2024 at 15:22

In India, the dairy industry forms an important part of the agricultural sector and plays an important role in the growth of India's economy. Another important area is providing livelihoods to hundreds of people across rural and urban areas.

Liability of Directors in case of a Private Company

Affluence Advisory 15 May 2024 at 15:16

In this article, we have tried to cover the liability of directors under different laws, i.e., company law, income tax, and GST.

Is trading possible without paying tax?

Khush Trivedi 15 May 2024 at 15:11

According to Times of India the investor base has seen more than 3x jump in the last five years, facilitated by rapid growth in digitization, rising investor awareness, financial inclusion, and strong market performance.

Understanding Tax Implications for NRIs in FY24

CA Arun Tiwari 15 May 2024 at 08:39

As we explore the fiscal year 2024 (FY24), it's crucial to understand the intricate tax implications for NRIs to ensure compliance with Indian tax laws and optimize tax efficiency.

How to Save Tax if Salary is Above 5 Lakhs for FY 23-24?

Khush Trivedi 13 May 2024 at 12:41

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.

Tax Implications on Slump Sale

Affluence Advisory 11 May 2024 at 08:47

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 applicable if you made any property transaction this Financial Year

Khush Trivedi 10 May 2024 at 15:30

Form 26QB is a statement cum challan for the online payment of TDS on property transactions.

How do Freelancers Save Tax in India

Sparsh Wadhwa 10 May 2024 at 08:36

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.

Why Many Salaried Employees Received Notices for AY 2023-24?

Khush Trivedi 09 May 2024 at 16:05

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.

All about Angel Taxation in India

CA Aman Rajput 09 May 2024 at 14:00

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.