Presumptive taxation is a tax system that uses indirect means to determine an individual’s tax liability instead of traditional rules based on their financial records. This method assumes that an individual’s income is at least equal to the amount resulting from applying the indirect method, hence the term “presumptive.” By implementing presumptive taxation, taxpayers can …
The Jaipur Income Tax Appellate Tribunal (ITAT) has directed the Assessing Officer (AO) to pass an order on the merits of chargeability of salary earned by a non-resident Assessee through employment in Kenya, which was inadvertently offered to tax in India. The ITAT opines that the AO should have guided the non-resident and have passed …
Continue reading “Non-Resident Taxation: Jaipur ITAT Directs AO to Pass Order on Merits”
Tax planning is an essential aspect of personal financial management, and can help individuals minimize their tax liability while maximizing their financial resources. In this article, we will discuss some effective tax planning strategies that individuals can use to reduce their tax burden and achieve their financial goals. The first step in effective tax planning …
What is Tax Planning Tax planning is the process of organizing and managing your finances in a way that minimizes your tax liability. It involves analyzing your income, expenses, and investments in order to identify opportunities to reduce your tax burden. The goal of tax planning is not to evade taxes, but rather to make …
Tax planning is an important aspect of personal finance in India. With the increasing complexity of the tax system in the country, it has become essential for individuals to plan their taxes in a way that minimizes their tax liability while maximizing their financial resources. In this article, we will discuss some of the key …
The case of PCIT (Central) v. Narayan Kumar Khaitan involved a search and seizure operation under section 132 on SM and group, where incriminating documents were found. After completing the assessment in the case of the assessee under section 153C read with section 143(3), the Principal Commissioner invoked revisionary jurisdiction under section 263 against the …
A CA firm, or a Chartered Accountancy firm, is a professional service firm that provides a range of financial and accounting services to businesses, organizations, and individuals. The services provided by CA firms include tax planning and compliance, auditing and assurance, financial accounting and reporting, management accounting, business advisory, and more. A CA firm typically …
Income Tax Returns (ITRs) must be filed by July 31 each year for the previous financial year. For FY 2022-23, the due date for filing ITR is July 31 2023, and the new assessment year 2023-24 will start from April 1. Failure to file ITR within the due date attracts a penalty of Rs 5,000, …
The Income Tax Department has released Excel utilities for ITR 1 and 4 for the assessment year 2023-24. Taxpayers can access these utilities by referring to the live ticker on the e-filing portal at http://incometax.gov.in. We would like to inform taxpayers that the software and utilities for other ITRs and forms for the assessment year …
Continue reading “Income Tax Return Financial Year 2022-23, Assessment Year 2023-24”
In 2012, an assessee purchased shares of a company in cash at Rs. 20 per share and sold them during the year for Rs. 675 per share as long-term capital gains, claiming exemption under section 10(38). However, the Assessing Officer noticed that the scrip was under investigation related to penny stock companies and made additions …
