Income Tax Articles

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

Posted by Sachin 29 July 2024 1734 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 2506 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 2976 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 3552 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.

New Rules on Tax Case for Re-openings and Re-assessments

Posted by Mitali 25 July 2024 2559 Views

In Budget 2024, FM has simplified the provisions for reopening and reassessment to reduce tax uncertainty and disputes, providing relief to taxpayers.

A Brief Discussion on the Proposed Chapter XIVB of Income-tax Act, 1961

Posted by Anumanchipalli Sathikonda 24 July 2024 569 Views

A BRIEF DISCUSSION ON THE PROPOSED NEW CHAPTER XIV-B IN THE FINANCE BILL

Changes in Slab Rate For FY 2024-25 and AY 2025-26

Posted by Mitali 23 July 2024 8178 Views

Income tax slabs are the categories of income levels that determine the rate at which income tax is charged for the applicable financial year (FY) and assessment year (AY).

What if ITR is not Filed before 31st July 2024?

Posted by CA Umesh Sharma 22 July 2024 1432 Views

Due date for filing of Income Tax Return for Individuals is 31st July, but still, many people around the nation have not filed their Income Tax Return. What are the implications of not filing the ITR on time?

Rectify Mistakes of Your Unverified ITR Without Filing Revised ITR

Posted by Mitali 22 July 2024 2013 Views

Filing an income tax return requires a careful and detailed process. But despite of our best efforts, mistakes happen.

Suggestion to Permanently Change ITR Filing Due Date to 31st August

Posted by Mitali 22 July 2024 2019 Views

Suggestion to permanently change the deadline has been given by the taxpayers as they are facing difficulty in accessing Form 26AS and AIS. Due to technical issues on the Income Tax Portal, there is an increasing demand to extend the ITR filing deadline from July 31, 2024, to August 31, 2024.