High Value Transactions And Income Tax High Value Transactions And Income Tax The income tax department imposes strict rules and guidelines on taxpayers. It’s crucial for taxpayers to ensure the accuracy of their returns, meet filing deadlines, and make timely tax payments. High Value Transactions And Income Tax Failure to comply, whether due to unintentional … Read more
Income tax deductions in new tax regime Income tax deductions in new tax regime In the Union Budget of 2024, the features of the newly introduced tax regime under Section 115 BAC, with concessional tax slab rates, are retained for the Financial Year (FY) 2023-24. Additionally, the government has introduced several key changes for … Read more
Section 11 not apply in certain cases. (1) Not anything contained in section 11 or section 12] shall function with the intention to exclude from the whole profits of the previous 12 months of the man or woman in receipt thereof— (a) any a part of the profits from sethe assets held underneath a trust … Read more
Contents What is the term “Political Party?” What is Section 13A of the Income Tax Act? Which are the exemptions available for the political party? What are the conditions to avail of exemptions U/S 13A? How does a Political party furnish their return of income? What is the term “Political Party?” income of political parties … Read more
Introduction: Updated Income Tax Return In the realm of taxation, accuracy is paramount. However, even the most meticulous taxpayers can sometimes make errors or omissions in their income tax filings. To address this issue and ensure compliance, the concept of ITR-U (Updated Income Tax Return) comes into play. Updated Income Tax Return In this detailed … Read more
