Understanding the New Direct Tax Code Understanding the New Direct Tax Code The Indian government’s efforts to reform the tax system have led to the introduction of the New Direct Tax Code (DTC), aiming to simplify the tax structure and make it more equitable. One of the key features of this new code is its … Read more
Income Tax Deductions under Section 16 When it comes to optimizing your Income Tax liability, knowing the ins and outs of available deductions is crucial. One such avenue for potential savings is Income Tax deductions under Section 16 of the Income Tax Act. In this blog post, we’ll delve into the specifics of Section 16 … Read more
Eligibility for Form ITR-U Understanding Form ITR-U Eligibility Criteria: who is best eligible to file Form ITR-U under Section 139(8A) 1. Resident Individuals: Individuals who are residents of India for the relevant assessment year are eligible to file Form ITR-U under Section 139(8A). 2. Salaried Individuals: Employees earning income from salaries, including wages, bonuses, commissions, … Read more
Why File Income Tax Return? : Legal Requirement: In many countries, including the United States, India, and others, filing an income tax return is a legal requirement for individuals and entities whose income exceeds a certain threshold. Failure to file a tax return by the deadline may result in penalties, fines, or legal consequences. Report … Read more
Introduction Due Date Nature of Compliance 31 July 2024 ITR filing for Individual/HUF/AOP/BOI 31 October 2024 Businesses (Tax audit report) 31 December 2024 Revised Return 31 December 2024 Revised return or belated returns filing Understanding the Timeline : Income Tax Returns (ITR) Filing Start Date 2024 What’s New in 2024? Preparing for a Seamless Filing … Read more
