Assessees face 78% tax and 6% penalty for unexplained investments or expenditures under Sections 69 to 69C of Income Tax Act if details are not satisfactorily explained.
Section 50C: For property sales, if the sale price is lower than the value assessed by Stamp Valuation Authority, that value is considered full consideration for tax.
Section 40A(3) restricts cash payments exceeding ₹10,000 in business transactions. Exceptions apply for specific cases like transporters, government payments, etc.
Understand when to pay advance tax, the due dates, and the consequences of late payments, including interest charges under sections 234B and 234C.
The provisions of Income Tax Act, provide for mechanism of filling of appeals against orders passed under the proceedings of the Act, both by tax payer and the Department before respective appellate Authority, such as Joint Commissioner of Income Tax (Appeals), Commissioner of Income Tax (appeals), the Income Tax Appellate Tribunal, High Court and Supreme […]
Budget 2024 introduces significant amendments in trust-related provisions under the Income Tax Act, including registration timelines, condonation of delay, and regime merger.
Explore the journey of capital gains tax on listed equity under India’s Income Tax Act, from its inception to recent budget changes, including rates, exemptions, and holding periods.
Explore the key highlights and amendments in the Union Budget 2024 presented by Finance Minister Nirmala Sitharaman. Find out what’s new in direct and indirect taxes.
Understand Income Tax Act rates: Short Term Capital Gains @15% with STT, exceptions to 36-month rule, Long Term Capital Gains, and special rates for lottery winnings and anonymous donations.
Explore the key expectations for Budget 2024, including potential tax reliefs, increased deductions, and economic growth strategies under the NDA government.
