Income Tax - Guides & Articles

Dec - 2024

19

ITAT Ruling Clarifies Cryptocurrency Taxation: Profits Classified as Capital Gains

ITAT Ruling Clarifies Cryptocurrency Taxation: Profits Classified as Capital Gains

ITAT Ruling Clarifies Cryptocurrency Taxation: Profits Classified as Capital Gains In a significant development for the taxation of cryptocurrencies in India, the Income Tax Appellate Tribunal (ITAT) has ruled that profits from the sale of cryptocurrencies, including Bitcoin, Ethereum, and other Vi ...

Dec - 2024

19

Missed the ITR Deadline? File Belated Return

Missed the ITR Deadline? File Belated Return

Missed the ITR Deadline? File Belated Return Tax season can be stressful, especially when you miss the deadline for filing your Income Tax Return (ITR). The original ITR filing deadline for the Financial Year 2023-24 (Assessment Year 2024-25) was July 31, 2024. However, if you missed this date, d ...

Dec - 2024

19

CBDT Sends Alerts on ITR Mismatches – Act Now to Avoid Penalties!

CBDT Sends Alerts on ITR Mismatches – Act Now to Avoid Penalties!

CBDT Sends Alerts on ITR Mismatches – Act Now to Avoid Penalties! The Central Board of Direct Taxes (CBDT) has initiated an urgent campaign to address discrepancies between taxpayers’ Income Tax Returns (ITRs) and their Annual Information Statements (AIS). With the tax compliance landscape becomin ...

Dec - 2024

03

PAN Card 2.0: Key Features, Benefits & Process

PAN Card 2.0: Key Features, Benefits & Process

PAN Card 2.0: Key Features, Benefits & Process The PAN Card (Permanent Account Number) is a vital tool for individuals and businesses in India to comply with tax laws and track financial transactions. The Income Tax Department has introduced the PAN 2.0 initiative to make the process of obtaini ...

Nov - 2024

07

Section 24 of Income Tax Act

Section 24 of Income Tax Act

Section 24 of Income Tax Act Section 24 of the Income Tax Act 1961 offers substantial tax benefits for homeowners by allowing deductions on income generated from house property. Given that purchasing a home is a significant milestone for many middle-class Indians, home loan EMIs often become a majo ...

Oct - 2024

29

ITR Date Extension: Key Information & Updates

ITR Date Extension: Key Information & Updates

ITR Date Extension: Key Information & Updates The Income Tax Return (ITR) filing deadline is important for individual taxpayers, businesses, and organisations. When ITR date extension, the deadline provides additional time to meet tax obligations without penalties or late fees. The Income Tax D ...

Oct - 2024

25

Section 148 of Income Tax Act

Section 148 of Income Tax Act

Section 148 of Income Tax Act Under Section 147 of the Income Tax Act, 1961, the Income Tax Department holds the authority to reassess previously filed income tax returns. If certain predefined criteria are met, the Assessing Officer may select your return for reassessment and issue an income tax n ...

Oct - 2024

16

Section 40A(3A) of the Income Tax Act: Implications of Cash Transactions in Business

Section 40A(3A) of the Income Tax Act: Implications of Cash Transactions in Business

Section 40A(3A) of the Income Tax Act: Implications of Cash Transactions in Business Under Section 40A(3) of the Income Tax Act, cash payments exceeding a specified limit are not allowed as deductible expenses. This provision encourages digital transactions and helps curb tax evasion. However, if a ...

Oct - 2024

14

Form 15G and Form 15H

Form 15G and Form 15H

Form 15G and Form 15H Form 15G and Form 15H are self-declaration forms issued by the Income Tax Department of India, allowing individuals to avoid Tax Deducted at Source (TDS) on specific types of income. By submitting these forms, eligible individuals can claim their total income is below the taxab ...

Oct - 2024

10

Section 192A of the Income Tax Act

Section 192A of the Income Tax Act

Section 192A of the Income Tax Act The Employees' Provident Fund (EPF) is a savings scheme designed to help individuals build a retirement corpus. While it encourages savings, it is subject to taxation under Section 192A of the Income Tax Act. This section mandates Tax Deducted at Source (TDS) on p ...

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