Income Tax Articles

Unified Tax System? Revenue Secretary's Statement Sparks Debate on Old Regime

Posted by Sachin 31 July 2024 1127 Views

Income Tax Regime: Is the Old System Going to Become History? A Unified Tax System in India? Discussion Stirs Following Statement by Revenue Secretary

Income Tax Refund: Expect Delays This Year Due to New AI Scrutiny System

Posted by Sachin 30 July 2024 6233 Views

This year, taxpayers should anticipate delays in their income tax refunds. The government has implemented a rigorous (Strict) new system for scrutinizing income tax returns (ITRs) using a specially designed, self-automated artificial intelligence (AI) software program.

Income Tax Notice for Cash Deposits - Check These 6 Transactions

Posted by Naina Rajgoplan 29 July 2024 2766 Views

Then are the six deals that can attract an income duty notice for cash deposits

ITR Filing Due Date: July 31, 2024 - A Discussion on Advantages and Disadvantages

Posted by Sachin 29 July 2024 1732 Views

The deadline for filing Income Tax Returns (ITR) for the financial year 2023-24 in India is set for July 31, 2024. While the due date provides a clear timeline for taxpayers to fulfill their tax obligations, it has sparked a debate about its implications. Let's delve into the advantages and disadvantages of having a fixed due date and the effects of extending it.

Section 148: Comparing Existing vs. New Provisions in Finance Bill 2024-25

Posted by Anumanchipalli Sathikonda 27 July 2024 2504 Views

Comparative Study of Section 148 of Income-tax Act, 1961 - Existing Version Vs. New Version (as substituted by Finance Bill 2024-25)

Long Term Capital Gains Tax With No Indexation

Posted by Mitali 26 July 2024 2973 Views

Long-term capital gains tax rate will be 12.5% for all assets.

Everything about New TDS Section 194T

Posted by CA Aman Rajput 26 July 2024 3548 Views

In the Union Budget of 2024, FM Nirmala Sitharaman introduced this new section of TDS in the Income Tax Act, 1961 i.e. Section 194T. This section imposes Tax Deducted at Source on certain payments made to partners of a firm, including salary, bonus, commission, interest, or remuneration.