Articles by Mitali

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Long Term Capital Gains Tax With No Indexation

Mitali 26 July 2024 at 16:20

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

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

Mitali 25 July 2024 at 12:41

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

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

Mitali 23 July 2024 at 14:09

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).

Rectify Mistakes of Your Unverified ITR Without Filing Revised ITR

Mitali 22 July 2024 at 14:02

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

Mitali 22 July 2024 at 11:54

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.

New Changes in Section 87A Rebate Post-July 2024

Mitali 17 July 2024 at 17:22

Recent change in ITR utility for rebate u/s 87A has caused confusion and concerns among taxpayers and professionals.

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

Mitali 11 July 2024 at 11:36

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

Mitali 08 July 2024 at 15:16

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.

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

Mitali 25 June 2024 at 11:58

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.

How will be Budget 2024: Will it transform India's Economy?

Mitali 11 June 2024 at 15:58

The exact date for the upcoming Union Budget 2024 is not yet known. Typically, in general election years, the full-year budget is presented in the first or second week of July.