Income Tax Articles
Taxation of Remote Work Income for NRIs: A Global Perspective
This article provides an in-depth legal analysis of this issue, focusing on key provisions of Indian tax law, judicial precedents, FEMA regulations, and TDS obligations under Sections 192 and 195.
Top Women Empowerment Schemes in India: Transforming Lives in 2025
The Indian government has launched various schemes to empower women in education, employment, and financial independence. Now, let's explore some of the key women empowerment schemes in India.
Updated Return (ITR-U) u/s 139(8A) - A Comprehensive Guide
ITR-U was introduced in the Union Budget 2022 u/s 139(8A) of the Income Tax Act, 1961. This provision allows taxpayers to correct errors, declare undisclosed income, and file returns if missed earlier, even after the belated and revised return deadlines.
Save Tax on Equities with Tax Harvesting
With the new Income Tax Act maintaining the existing set-off and carry-forward provisions, tax harvesting will continue to be a viable strategy for optimizing tax liability on capital gains.
Comparison of ITR-U (Section 139(8A)) and Condonation of Delay of ITR (Section 119(2)(b))
07 March 2025
898 Views
The Income Tax Act, 1961, provides different mechanisms for taxpayers to address missed deadlines for filing Income Tax Returns (ITR).
TDS on Rent Under Section 194-IB: Understanding the Transition from 5% to 2%
The Union Budget 2024 reduced the TDS rate on rent payments under Section 194-IB from 5% to 2%, effective October 1, 2024.
Tax Saving Strategies for Taxpayers in this March!
Discover expert tax-saving tips as Krishna guides Arjuna through deductions, exemptions, and strategies under the new and old tax regimes. Maximize savings and minimize tax liability with smart financial planning!
ITR-U - Belated Return u/s 139(8A): A Detailed Overview after Budget 2025
03 March 2025
2630 Views
The Updated Income Tax Return (ITR-U) is a recent provision introduced under Section 139(8A) of the Income Tax Act, 1961. This provision gives taxpayers an opportunity to correct errors or omissions in their previously filed returns, even after the prescribed deadlines have passed.
The Role of CS in Tax Compliance: A Case for Inclusion in the Income Tax Act, 2025
After the ICSI's multiple representations to the Income-Tax Bill Review Committee, the government is conducting a study to determine whether CS should be recognized as an Accountant.
Comprehensive Guide to Section 140B: Taxation of Updated Returns Under the Income Tax Act
Section 140B governs the tax payment mechanism when an assessee furnishes an updated return under Section 139(8A).
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