Post by: Renu Suresh in Income Tax
What are the common mistakes while Filing ITR? The deadline for submitting Income Tax Returns for the fiscal year 2023-24 (Assessment Year 2024-25) is quickly approaching, with the due date set for July 31, 2023. Last-minute rush in filing can…
Post by: Renu Suresh in Income Tax Notice
Top Reasons Why You Can Get An Income Tax Notice Receiving an income tax notice can be daunting for anyone, whether you're a seasoned business owner or a new taxpayer. The Indian Income Tax Department issues notices for various reasons,…
Post by: Renu Suresh in Income Tax
TDS Form 16 Form 16 is essential when filing your income tax return (ITR), particularly for individuals who receive a salary. This document is a Tax Deducted at Source (TDS) certificate, providing a comprehensive overview of an employee's earnings, including…
Post by: Isha Purohit in Income Tax Legal News
e-Advance Rulings (Amendment) Scheme, 2023 The Central Board of Direct Taxes (CBDT) has amended the e-advance rulings scheme, 2022, vide notification no. S.O. 2569(E) issued on 12th June 2023. These amendments, known as the e-Advance Rulings (Amendment) Scheme 2023, have…
Post by: Sanya Warriar in Income Tax
How do you Respond to Tax Demand? Tax filing is one of the most critical responsibilities for individuals and businesses in India. Responding to an Income Tax notice demand can be a complex process, and it is vital to understand…
Post by: Sanya Warriar in Income Tax
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…
Post by: Sanya Warriar in Income Tax
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…
Post by: Renu Suresh in 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…
Post by: poonamgandhi in Income Tax Legal News
E-Advance Rulings Scheme, 2022 Advance rulings provide upfront clarity to the specified taxpayers as well as non-residents about the taxability/ non-taxability of transactions in India under the Income Tax laws. E-Advance rulings scheme, 2022 is introduced, vide notification dated 18th…
Post by: Mansi Sawant in Income Tax
Tax benefits for Senior Citizens Tax benefits generally refer to tax law that provides the opportunity to reduce the tax bill when you satisfy certain eligibility requirements. Tax benefits are of different forms which are such as tax deduction, tax…