10 Apr Understanding the Mechanisms of Tax Relief: Remission and Extinguishment
The concepts of remission and extinguishment of tax demand involve the cancellation or forgiveness of a taxpayer’s outstanding tax liabilities....
Tax optimization Tag
30 Mar 7 Alternative Tax-Saving Avenues Besides Section 80C for FY 2023-24
Beyond Section 80C, there exist numerous avenues for tax savings. In FY 2023-24, explore various deductions such as NPS contributions, health insurance premiums, medical expenses, home loan interest, electric vehicle purchases, charitable donations, savings account interest, and tax rebates....
22 Mar Optimizing Tax Planning with Political Party Donations
The difference between tax saving and tax evasion becomes apparent when individuals seek deductions under sections 80GGB/80GGC of the Income Tax Act 1961 for contributing funds to a political party or an electoral trust....
14 Mar CBDT Simplifies Business Reorganization ITR Filing Process for Successor Companies
The Central Board of Direct Taxes (CBDT) has issued an order on March 13, 2024, under section 119 of the Income-tax Act, 1961, providing relief to successor companies involved in business reorganizations such as amalgamations, mergers, or demergers sanctioned by competent authorities such as High...