There has been a spike in the number of tax notices to Assessees because the Income tax department is now equipped with an integrated database on taxpayers which allows them to track almost all financial transactions by analyzing information through Annual Information Return (AIR), Statement of Financial Transactions (SFT), Centralized Information Branch (CIB), TDS/TCS Statement, Securities Transaction Tax (STT), exchange of information with various entities having MOU with CBDT etc.
Introduction: In this article we are going to discuss the tax implications in case of a deceased Assessee (intestate or without a will). According to Section 159 of the Income Tax Act, 1961 “When a person dies, his legal representative shall be liable to pay any sum which the deceased would have been liable to […]
HUF can be used as an efficient tax saving tool that can be used to reduce taxes by proper Tax Planning. The notion of HUF Hindu undivided family) is particularly relevant In India since joint families exist in Indian culture where an individual’s income is also taxed as joint income. Income is charged on family […]
Keeping a check on cash transactions under income tax (with illustrations) INTRODUCTION: We come across a common saying ‘Cash is King,’ however idle cash can never generate any interest income, therefore channelizing the idle money into digital mode shall generate income. The Cashless economy is a system where majority of transactions take place by modes […]
After experiencing the worst global financial crisis of 2008 and passing 12 year anniversaries of the crisis, there has been a good opportunity to reflect and learn what had actually happened and can it happen again.
Buying a house is a dream for each one of us. There are various tax incentives offered by government towards stimulating individuals to buy house property under ‘Housing for All’ Mission. However it is of vital importance to keep an eye on calendar to time it well when we want to sell house property since […]
An Assessee is entitled to Income tax refund if he has paid more taxes by the way of Tax deducted at source or tax collected at source or self assessment tax or Advance tax as per the provisions of Section-237 of Income tax act, 1961. Income tax refund can only be claimed after filing of Income tax return within the time limit prescribed under Section- 139 of Income tax Act, 1961.
In order to manage finances by saving money on taxes, Tax planning is vital. It is important to develop certain strategies to shrink off the taxes. Tax saving can be easy if done in a correct manner. There are various sharp-witted strategies to stay away from paying excess of taxes and save as much as […]
This article shall highlight common mistakes that are made while filing TDS returns which result in receiving intimation from TRACES and includes NON-UPDATION OF TAN
We often get tempted by attractive offers and cashbacks offered by various vendors when we make digital payments. Online shopping websites and some stores are offering cashbacks on use of certain credit cards or mobile wallets to pay for the goods.
