Income Tax Articles

Taxation of Alternative Investment Funds (AIFs) - Category I and II

Posted by Affluence Advisory 03 August 2024 1203 Views

Introduction· Alternative Investment Funds (AIFs of Funds) are an investment pooling vehicle that invests in various financial instruments. Such inves

Tax-Free State of Sikkim: Historical and Legal Factors

Posted by Mitali 01 August 2024 1154 Views

Sikkim state became tax-free during its merger with India in 1975, when it became the 22nd state of India.

Latest Changes in Property Taxation

Posted by CA.Sangam Aggarwal 01 August 2024 2367 Views

Our Honorable Finance Minister "Nirmala Sitharaman Ji" in the recent Final Budget of 2024 has proposed some important changes regarding taxation of property that will be discussed further in this article.

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

Posted by Sachin 31 July 2024 1129 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 6235 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 2767 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 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 2510 Views

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

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.