Circular No. 02/2024, issued by the CBDT on March 05, 2024, grants an extension to trusts and institutions that submitted incorrect audit report forms for the assessment year (A.Y.) 2023-24. They are allowed to rectify their submissions by March 31, 2024, especially those needing to...
ITR-U, or Updated Income Tax Return, is a form introduced by the government to allow taxpayers to rectify errors or omissions in their previous income tax returns. It can be filed within two years from the end of the relevant assessment year....
On March 04, 2024, the Income Tax Department released a notification announcing the activation of online submission for Form I SWF, as outlined in Circular No. 15 of 2020, issued on July 22, 2020....
The Central Board of Direct Taxes (CBDT) has recently issued Notification No. 24/2024 dated March 01, 2024, announcing the release of the Income Tax Return (ITR) Form ITR-7 for the Assessment Year (A.Y.) 2024-25. This form is specifically designed for individuals and companies obligated to...
On March 1, 2024, the Central Board of Direct Taxes (CBDT) issued an important order addressing the processing of income tax returns (ITRs) electronically filed with refund claims under section 143(1) of the Income-tax Act, 1961, extending beyond the prescribed time limits in non-scrutiny cases....
In the realm of income tax regulations in India, salaried individuals have access to various exemptions, extending beyond conventional deductions like premiums for Life Insurance Corporation (LIC) and interest on housing loans....
Taxation of stipend income remains a topic of considerable discussion within the realm of income taxation. Despite the absence of a specific mention of 'stipend' in the Income Tax Act, the Act does encompass various forms of remuneration, including wages, pension, gratuity, fees, commission, and...
In the realm of employment, various components beyond basic salaries contribute to an employee's take-home pay. One such critical component is Dearness Allowance (DA), particularly prevalent in the public sector....
Advance tax stands as a crucial component of income tax obligations, necessitating individuals to fulfill their tax liabilities before the conclusion of the financial year, particularly if their tax dues surpass INR 10,000 for a given fiscal period....
International taxation involves the examination and implementation of tax regulations applicable to individuals or businesses across different countries or the international aspects of a nation's tax laws....
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