Chapter XII of the Income Tax Act, 1961, delineates the procedural framework for determining income tax in specific scenarios, encapsulated in Sections 110 to 115. This discourse meticulously explores the fiscal amendments within Chapter XII, illuminating their profound implications. Refinements to Section 111A Section 111A, addressing the taxation of short-term capital gains, witnesses a pivotal … Continue reading A Deep Dive into the Amendments of Chapter XII of the Income Tax Act, 1961
Category: Income Tax
Common ITR Issues and FAQs for Filing Returns for AY 2024-25
Filing income tax returns can be a complex and often challenging task for taxpayers, especially with frequent updates to tax laws and regulations. The Assessment Year (AY) 2024-25 introduces several changes and clarifications that taxpayers need to be aware of to ensure a smooth and accurate filing process. This document provides a comprehensive list of … Continue reading Common ITR Issues and FAQs for Filing Returns for AY 2024-25
Advantages of Filing a Nil ITR
In the realm of personal finance, the act of filing a Nil Income Tax Return (ITR) often goes undervalued. While it may seem unnecessary for those earning below the taxable limit, the benefits extend far beyond compliance. Filing a Nil ITR can unlock significant advantages, from easing travel visa approvals and securing scholarships to simplifying … Continue reading Advantages of Filing a Nil ITR
ITR Filing Deadline Must Be Permanently Extended beyond 31 July
Here’s Why 45 Days Isn’t Enough for Salaried Individuals The current deadline to file income tax returns (ITR) for FY 2023-24 (AY 2024-25) is set for July 31, 2024. This timeframe, while applicable to taxpayers whose accounts do not require auditing – including salaried individuals and certain self-employed professionals – remains insufficient. Here, we delve … Continue reading ITR Filing Deadline Must Be Permanently Extended beyond 31 July
Navigating Foreign Income Reporting in Your ITR
Understanding Schedule FA for Foreign Assets and Income Within Income Tax Return (ITR) Forms 2 and 3, Schedule FA stands out as a critical yet complex section designed for reporting foreign assets, income, and beneficial ownership. Introduced to combat tax evasion and money laundering, Schedule FA has been a mandatory inclusion since the fiscal year … Continue reading Navigating Foreign Income Reporting in Your ITR