New option enabled for Online Income Tax Challan Correction – correct your mistakes
If you made mistake while E-pay Tax then you can correct it online, earlier these correction cannot be possible online …
Articles
Tax on Gifts, Taxability of Gifts received
TAX TREATMENT OF GIFTS RECEIVED BY AN INDIVIDUAL OR HUF A very common and frequent question running in the mind …
Now Insurance are Taxable – Taxability of Income of Life Insurance policy
Recently Government issued Circular w.r.t change announced in Budget 2023, for Taxability of Life Insurance Payouts. Finance Act 2023 changed …
CBDT issues detailed guidelines on taxation of traditional policies
The Central Board of Direct Taxes (CBDT) has released detailed guidelines concerning the alterations in the taxation of life insurance …
GSTN seeks firm to prepare roadmap for transitioning IT systems to GST 2.0
With Infosys’ contract for providing technology support for Goods and Services Tax (GST) ending in September 2024, GST Network (GSTN) …
Life insurance payouts will be taxable if yearly premium exceeds Rs 5 lakh
From assessment year 2024-25, sums received under life insurance policies (excluding unit-linked ones) issued after April 1, 2023, won’t be …
CBDT issues draft form for biz to report inventory valuation by accountants
The income tax department has come out with a draft form for various categories of businesses to report valuation of …
Cash Transactions limit under Income Tax Act 1961
The Income Tax Act of 1961, a comprehensive statute governing taxation in India, includes provisions aimed at regulating cash transactions …
TDS on Sale/Purchase of Property – Section 194IA
In India, the sale of property is subject to tax implications, including the requirement of Tax Deducted at Source (TDS) …
Section 194J- TDS on Fees for professional or technical services
Understanding Section 194J of the Income Tax Act (1961) Section 194J of the Income Tax Act, 1961, is a provision …
