Income Tax Articles

Benefits of Filing Return of Income

Posted by Affluence Advisory 13 July 2024 943 Views

In this article, we make an attempt to discuss some of the benefits of filing income tax returns and what the best way to go about doing so is.

Tax Deduction on Purchase of Property: A Holistic Approach for Understanding Law and Practical Questions with Procedural Guide

Posted by Ashish Bansal 12 July 2024 1935 Views

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.

Netizens Shocked as Man Pays Rs 50,000 to Resolve Rupee 1 Income Tax Issue

Posted by Mitali 11 July 2024 1828 Views

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.

FAQs on New Vs Old Tax Regime For AY 2024-25

Posted by Mitali 08 July 2024 3279 Views

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.

Common ITR Issues And FAQs For Filing Return For AY 2024-25

Posted by Shivani 08 July 2024 2852 Views

Discover solutions to common ITR issues and get answers to frequently asked questions for filing your income tax return for AY 2024-25.

History of Taxation in India

Posted by prasad Nilugal 08 July 2024 1092 Views

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!

Income Tax Compliance Due Dates - July 2024

Posted by Ishita Ramani 04 July 2024 1632 Views

In this article, we will look at the compliance calendar for July 2024, which includes Income tax compliances/PF/ESI.

Final Checklist before Filing ITR for FY 23-24

Posted by CA Pallav Singhania 02 July 2024 3448 Views

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.

A Guide to Tax Benefits of a Hindu Undivided Family (HUF)

Posted by Ishita Ramani 27 June 2024 1009 Views

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.

My income is below the basic exemption limit. Should I file a Nil Return?

Posted by Mitali 25 June 2024 1458 Views

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.