Income Tax

Understanding the New Income Tax Notification Understanding the New Income Tax Notification On October 18, 2024, the Ministry of Finance in India issued a significant notification impacting businesses engaged in international transactions and specified domestic transactions. This notification pertains to the determination of arm’s length pricing under the Income-tax Act, 1961, and will be applicable … Read more

Credit Card Details in Your Income Tax Return to Avoid Notices Credit Card Details in Your Income Tax Return to Avoid Notices Credit cards offer a convenient way to manage your expenses, but they can also attract unwanted attention from the Income Tax Department if not handled correctly. With increasing focus on high-value transactions and … Read more

Switching from New Tax Regime to Old Tax Regime Switching from New Tax Regime to Old Tax Regime The Finance Act, 2020 introduced a new tax regime in India, giving taxpayers the option to choose between the existing (Old) and the New Tax Regime every financial year. While the New Tax Regime offers lower tax … Read more

Finance Minister Nirmala Sitharaman Urges Tax Making Tax Communication Easier for Everyone Making Tax Communication Easier for Everyone On August 21, 2024, Finance Minister Nirmala Sitharaman spoke to tax officers about an important issue — the complicated language and tone used in tax notices and letters sent to taxpayers. She asked officers to use simpler … Read more