How do I know if I have an Income Tax Notice?

    How do I know if I have an Income Tax Notice? When a taxpayer files an Income Tax Return (ITR) with the department, the department processes the return. It may issue a notice to the taxpayer, which could…

What happens if we do not respond to Income Tax Notice?

What happens if we do not respond to Income Tax Notice? Income Tax Notice is a correspondence sent by the Income Tax (IT) Department when they want to raise an inquiry against the returns filed by the taxpayer. There are…

What is Income Tax Notice?

What is Income Tax Notice? Receiving an income tax notice can be daunting, especially if you believe you've paid all your taxes and filed your returns correctly. Understanding these notices can make them seem less intimidating. Income tax notices are…

Explanatory notes to the provisions of the Finance Act, 2022

Explanatory notes to the provisions of the Finance Act, 2022 Central Board of Direct Taxes recently vides circular no. 23/2022 dated 3rd November 2022, came up with detailed explanatory notes to the provisions of the Finance Act, 2022. The important…

Analyzing clause 44 of Form 3CD

Analyzing clause 44 of Form 3CD Post implementation of Goods and Services Tax (GST) from 1st July 2017, the corresponding amendment in input tax credit reporting in tax audit report vide Form 3CD was also introduced in the form of…

Faceless Penalty (Amendment) Scheme, 2022

Faceless Penalty (Amendment) Scheme, 2022 The Central Board of Direct Taxes (CBDT) has notified Faceless Penalty (Amendment) Scheme, 2022 amending the provisions of the Faceless Penalty Scheme 2021 with effect from 27-05-2022. The 7 major changes introduced by the Amendment…

A Complete Guide to file ITR-6 for AY 2024-2025

A Complete Guide to file ITR-6 for AY 2024-2025 The Central Board of Direct Taxes (CBDT) issued the Guidelines ITR-6 return filing  to help the taxpayers for filing the particulars in Income-tax Return Form-6 for the Assessment Year 2024-2025 relating…

Income Tax Exemption to District Mineral Foundation

Income Tax Exemption to District Mineral Foundation The Central Board of Direct Taxes (i.e., CBDT), vide notification no. 73/2020- Income Tax dated 10th September 2020, exempted certain specified income derived by the District Mineral Foundation Trust. The exemption is briefly…

CBDT Clarification on Section 115 BAC of Income Tax Act

CBDT Clarification on Section 115BAC of Income Tax Act The Finance Act 2020 has inserted a new section 115BAC of Income Tax Act, wherein an individual gets an option to choose between the actual tax rates and the new concessional…

Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance 2020

Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance 2020 Due to the COVID-19 outbreak, the Finance Minister announced various relief measures vide Press Release dated 24th March 2020. To give effect to the said announcements, the Government implemented Taxation…