Income Tax
How Section 234F Penalty Affects Your Income Tax Filing
Filing an income tax return is a fundamental duty for taxpayers; it ensures compliance and contributes to the growth of the nation. However, if you fail to file your Income Tax Return (ITR) within the due date, you may face penalties, specifically under Section 234F of the Income Tax Act, 1961. The penalty for late […]
#income tax#Penalty for Late Filing of Income Tax Return
Shivender
January 17, 2025 at 12:47 PM
How Tax Consulting Services Help NRI Companies
Navigating the complexities of taxation is a challenge for any business, but it becomes even more complicated when dealing with cross-border operations. For NRI Companies (Non-Resident Indian companies) operating in India or conducting international transactions, taxation can involve intricate compliance obligations, multiple jurisdictions, and ever-changing legal frameworks. This is where Tax Consulting Services for NRI […]
#NRI Taxation#Tax Consulting Services for NRI Companies
Shivender
January 17, 2025 at 10:08 AM
Tax on Sale of Property: Everything You Need to Know
Selling a property is an exciting financial opportunity, but it also comes with tax implications that you must carefully consider. In India, property sellers are required to pay Capital Gains Tax, which depends on the profit earned from the sale and the duration the property was held. By understanding the government’s latest rules and Tax […]
#Capital Gains Tax#Long-Term Capital Gains#Section 54 Exemption#Section 54EC Exemption#Short-Term Capital Gains#Tax Exemptions on Property Sale
Shivender
January 10, 2025 at 07:11 AM
Decoding CBDT Alerts: Understanding ITR Mismatch Concerns
Introduction The Central Board of Direct Taxation (CBDT) has alerted taxpayers to inconsistencies in their Income Tax Returns (ITR) and encouraged individuals and businesses to act promptly to avoid potential penalties. As a result of discrepancies found between reported income and actual data on file with the Income Tax Department, these letters serve as a […]
Nikita P
January 06, 2025 at 06:24 PM
CBDT Notification Offers Income-Tax Exemption to State RERA Authorities of Goa and Telangana
Introduction The Central Board of Direct Taxes also notified a grant of income-tax exemption to the Real Estate Regulatory Authorities (RERAs) of Goa and Telangana under the provisions of the Real Estate (Regulation and Development) Act, 2016 (RERA). This exemption relates to specific income streams on account of such authorities under the said act. Key […]
Priyanka
December 30, 2024 at 01:08 PM
ITAT Ruling: Capital Gains Deduction Claimable Even Without Filing Returns
Introduction ITAT Ruling relief to taxpayers who wish to claim capital gains deductions, though they may have not filed returns. ITAT has given landmark ruling which is much in need to all taxpayers, who might have missed the filing of their income tax returns but still intend to claim capital gains deductions. ITAT Ruling The […]
Subhodeep
December 27, 2024 at 03:05 PM
CBDT’S ITR Filing Compliance Check for Scheduled Commercial Banks
Introduction With an aim to enhance tax compliance and eradicate black money circulation, the CBDT has implemented a new facility called “ITR Filing Compliance Check” functionality. This was announced on 31st August 2020 to assist Scheduled Commercial Banks (SCBs) monitor the status of tax returns filed by its customers involved in massive cash withdrawal operations. […]
#CBDT’S ITR Filing Compliance Check for Scheduled Commercial Banks#ITR Filing Compliance Check
Sarat
December 18, 2024 at 04:28 AM
Income Tax Returns
Introduction Income tax returns are official papers submitted to the government in order to declare or prove the person’s or company’s revenue or earnings and expenditure. These presented in tax returns by the person filing it is used to compute the amount of tax paid to the government or refunds due for the specified financial […]
##companiesact2013#Companies Act#Income Tax Returns
Shabana A
October 29, 2024 at 08:35 AM
Sec 32AD of Income Tax Act, 1961: Investment in new plant or machinery in backward areas in states
A legal foundation for investments in new plants and machinery in notified areas of specific states is provided by Section 32AD of the Income Tax Act. If an assessee establishes a manufacturing or production facility in any designated region in the states of Andhra Pradesh, Bihar, Telangana, or West Bengal, Section 32AD will be applicable. […]
Akshat Srivastava
December 18, 2023 at 08:22 AM
SECTION 30 RENT, RATES, TAXES, REPAIRS AND INSURANCE FOR BUILDINGS
The following deductions are permitted for rent, rates, taxes, repairs, and insurance for real estate used for a trade or profession: A. If the assessee is the tenant of the property, the amount paid as rent; B. Any amount paid (whether as an owner or tenant) for land revenue, local rates, or municipal taxes; However, […]
Amrit P Mishra
December 18, 2023 at 08:14 AM