Income Tax Articles

Strategic Considerations in Capital Asset Transfers: Pre and Post AY 2017-18 Perspectives

Vivek Jalan 07 December 2023 at 09:05

Determination of date of transfer of capital asset before and after AY 2017-18... where two AYs are involved

Transactions which require quoting of PAN

CA Bhawna Dua 06 December 2023 at 09:17

Not quoting of PAN attracts many penalties and also keeping of PAN more than one also attract penalty of Rs. 10,000 so before to enter into any transaction it must be understood that quoting of PAN is required in the following 18 Transactions and also it should be kept in mind that such a TDS can be claimed while filing the Income Tax Return of that relevant previous year.

Relationship between Limitation Act and Income Tax Act

CA Aman Rajput 05 December 2023 at 09:06

While reading some concepts of the Limitation Act in my LLB syllabus a thought came to my mind that can we Combine the Limitation Act and the Income Tax Act?

Best Tax Saving Mutual Fund to Invest in 2023

Sparsh Wadhwa 05 December 2023 at 09:06

Tax saving mutual funds are those which invest at least 80% of their assets in equities

Higher TDS due to PAN Holder's Negligence

CA Umesh Sharma 04 December 2023 at 14:22

A lot of TDS Deductors who have filed their TDS returns for the 2nd quarter of FY 2023-24 have received intimations for Defaults in their TDS Return for Quarter 2nd. Why are the TAN holders getting these default notices from Income Tax Department?

Income tax benefit of taking car lease policy provided by employer

Sparsh Wadhwa 01 December 2023 at 08:54

Car lease policyWhen an employer talks about your salary, they mean your basic starting salary. Various components are then added to this number to create your ..

'Discard ITR' New feature Introduced by Income Tax Department

Sparsh Wadhwa 29 November 2023 at 09:09

The new 'Discard' facility allows taxpayers to manage their ITR filings more efficiently and helps rectify any inaccuracies or omissions within the specified windows. But it's essential to use it with caution as once discarded, an ITR can't be restored.

Some interesting points about Income Tax Reassessment and Amendments

CA Aman Rajput 29 November 2023 at 09:09

In the dynamic realm of income taxation, the process of reassessment has witnessed significant legal amendments aimed at striking a balance between taxpayer rights and revenue interests. Recent changes, particularly those introduced by the Finance Acts of 2021 and 2022

Decoding Form 26A: Impact, Role and Procedure

Aisha 28 November 2023 at 14:25

Section 201(1) of the Income Tax Act establishes that a person responsible for deducting TDS (Tax Deducted at Source) on distributed income is deemed an "assessee in default" if they fail to deduct or pay the TDS.

Section 206C of the Income Tax Act, 1961

Ishita Ramani 28 November 2023 at 08:59

The content in this article includes eligibility requirements under Section 206 of TCS, the deadline for submitting TCS, and a definition of Section 206 of the Income Tax Act.