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Is there any compliance if an assessee revises its estimate of income for advance tax? Yes, there is a provision for an assessee to revise the estimate of income for advance tax. The assessee can update the income estimate and pay advance tax before the specified due dates without the need to file the revised …

Continue reading “FAQs on Advance Tax: A Guide to Advance Tax Calculations”

1. What are the key regulations governing the deduction of tax at source on rent payments? The deduction of tax from rent payments is mandated by specific sections of the Income-tax Act, namely section 194-I and section 194-IB. 2. What constitutes “rent” under these sections? 3. Who is responsible for deducting tax at source (TDS) …

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Who is mandated to file a TDS return under Section 194-IA? Any buyer involved in the payment of sales consideration for the acquisition of immovable property is required to deduct tax under Section 194-IA. This deduction is applicable only if the seller, receiving the payment, is a resident in India. When does Section 194-IA come …

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Tax regulations in India impose certain responsibilities on individuals and entities involved in the transfer of virtual digital assets. Section 194S outlines the obligations related to tax deduction at source for such transactions. This provision applies to both residents and non-residents who are responsible for making payments in consideration for the transfer of virtual digital …

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Introduction: In a recent decision, the Income Tax Appellate Tribunal (ITAT) Delhi Bench “G” set aside the order of the Commissioner of Income Tax (Appeals)-Faridabad and ruled in favor of the assessee, Mr. Vishnu Aggarwal, in relation to the assessment year 2013-14. The appeal, ITA No. 358/Del/2017, primarily contested the addition of Rs. 39,17,853/- to …

Continue reading “Books of Accounts cannot be rejected on the ground that GP rate is low as compared to earlier year”

Introduction: In a significant legal triumph, Meena Nayyar recently secured a favorable outcome in four separate income tax appeals before the Income Tax Appellate Tribunal (ITAT), Delhi Bench ‘E’. The appeals, spanning assessment years 2011-12 through 2015-16, were filed against the orders of the ld. CIT (Appeals)-27, New Delhi, dated 29.08.2019. Background: The crux of …

Continue reading “No additions could be made to income already assessed since no incriminating material was unearthed during the search”

Introduction As March 2024 approaches, salaried employees find themselves at a crucial juncture for tax planning. With the end of the financial year looming, now is the ideal time to assess and implement strategies that can optimize tax liabilities. This blog will guide salaried individuals through a comprehensive checklist of actions to take before the …

Continue reading “A Guide for Salaried Employees Before March 2024”

Introduction As we approach the end of the financial year in March 2024, business professionals are presented with a critical opportunity for strategic tax planning. This blog aims to provide businesspersons with a comprehensive checklist of actions to take before the closing of March 2024, offering insights to make informed decisions and optimize tax savings. …

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Introduction Dealing with tax matters can be intricate and, at times, challenging. If you find yourself dissatisfied with an order issued by the Assessing Officer, there are avenues available to challenge it through the appeals system. This blog post aims to provide clarity on the options available to taxpayers for appealing orders, with a focus …

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