Why Do You Receive Income Tax Notices? Why Do You Receive Income Tax Notices? Receiving an income tax notice can be a stressful experience for many taxpayers. However, it’s essential to understand that these notices are often issued due to specific discrepancies or procedural requirements. Addressing these notices promptly and accurately can save you from … Read more
Income Tax Notice Fraud Receiving an income tax notice can be stressful, but the situation becomes even more complicated if the notice is fraudulent. With increasing cases of scam notices, it’s essential to know how to distinguish between genuine and fake income tax notices. This blog will guide you through the process of identifying, verifying, … Read more
What is Demand Extinguished? When dealing with taxation, you might come across the term “Demand Extinguished.” This phrase holds significant importance in the realm of tax compliance and disputes. If you’re a taxpayer, accountant, or business owner, understanding this term can save you from unnecessary complications and penalties. This blog dives deep into what “Demand … Read more
Understanding the Provisions of Section 139(8A) for Filing an Updated Return Under the Income Tax Act, 1961 Updated Return Under the Income Tax Act, 1961 The Income Tax Act, 1961, provides several provisions that allow taxpayers to rectify mistakes or omissions in their filed returns through updated returns. Section 139(8A) is one such provision that … Read more
Cash Transactions That May Attract Up to 100% Penalty Under Income Tax Law Cash Transactions That May Attract Up to 100% Penalty Under Income Tax Law The Income Tax Department has implemented stringent rules to regulate cash transactions and ensure tax compliance. Non-adherence to these regulations can result in significant penalties, sometimes up to 100% … Read more
