Audit Turnover Applicability- New Tax Audit Limits in Detail
As the deadline for filing Tax Audit report approaches, it is very important to know who all are required to get their accounts audited under Income Tax Act. In simple words, an audit is a systematic examination or review of financial records....
What is the Hierarchy of raising issues under Income Tax (i.e. AO/ITO/CIT(A)/ITAT etc.)
The Income Tax Department of India overlooks the administration of direct tax laws in the country, primarily focusing on Income Tax Act, 1961. It works under the Department of Revenue in the Ministry of Finance. Central board of Direct Taxes(CBDT)...
Why PAN becomes inoperative
PAN i.e. Permanent Account Number is a unique ten-character alphanumeric identifier number issued by the Income Tax Department to every individual who applies for the same upon verification of documents. PAN is used to keep a track of financial...
Section 50C – Stamp Duty Valuation- Taxability of Sale of Land and Building explained in detail
Selling of an immovable property often requires ample of knowledge related to taxation, stamp duty valuation or capital gains etc. In order to ensure a hassle free property sale or purchase transaction, one has to evaluate correct valuation for...
Corporate Taxes in India
Income Tax Act, 1961 has specified different types of taxpayers for taxation purposes. This includes individuals, HUFs, Partnership firms or companies etc. Every type of taxpayer is taxed at a different rate based on their status. Similarly,...
Section 281 Certificate – High Value Property Purchase
Tax planning consists of making certain adjustments in order to reduce tax liability in a legal and ethical way. Sometimes certain transfers of assets might be made to avoid tax liabilities for protection of revenues in certain cases. Specifically,...
What is Deemed Dividend
Any person who invests in any form expects something in return. Dividend is one such form of return on investment which investors of stocks and mutual funds expects to receive. Dividend refers to the returns a shareholder receives for investing in...
What is Form 10AB
Form 10AB is an application form used in India for re-validation or renewal of existing tax exemptions or registrations under the Income Tax Act, 1961. This form is specifically for charitable or religious trusts, societies, or non-profit...
How to respond to defective income tax return
It is quite possible that a taxpayer will make mistake while filing his income tax return. This will be considered as a defective return. Income Tax Department will send you a defective notice under section 139(9) of the Income Tax Act via an email...
Indexation benefit restored what it means for your investments after budget revisions
On 23rd July, 2024, government of India proposed new Budget for the relevant financial year. Major amendments were made in relation to capital gains and indexation. Indexation for capital gains refers to the adjustment of the purchase price i.e....
Availing Presumptive Scheme of Taxation u/s 44AD Needs to Prove Eligibility: ITAT
Appeal of assessee was hence dismissed. About Author:CA Chinmay Shirish AgateChinmay Agate is a Practicing Chartered Accountant having 4+ years of experience and expertise in the field of Direct Taxation and Auditing compliances. In the past, he...
Requirement of Filing Audit Report in Form 10B is only Procedural: ITAT
Societies, trusts etc. registered u/s 12AA of the act are required to obtain fresh registrations as per recent updates in the law. According to the Third Amendment of Income Tax Rules 2023, the tax audit report needs to be furnished by charitable...