Income tax return filing

Taxability of Superannuation on Retirement Vs Termination / Job Change

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Taxability of Superannuation on Retirement Vs Termination / Job Change Taxability of Superannuation on Retirement Vs Termination / Job Change Superannuation is a popular retirement benefit extended by employers to ensure long-term financial security for employees. However, the tax treatment of superannuation fund payouts varies significantly depending on the reason for cessation of employment. This […]

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Supreme Court Cracks Down on Cash Transactions Above ₹2 Lakhs

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🚫 Supreme Court Cracks Down on Cash Transactions Above ₹2 Lakhs Landmark Judgment in RBANMS Educational Institution vs. B. Gunashekar & Another – Civil Appeal No. 5200 of 2025 The Hon’ble Supreme Court, in a recent judgment dated 16th April 2025, has delivered a significant verdict impacting real estate and financial transactions involving cash payments

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Income Tax Refund Delays: How to resolve the issue?

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Income Tax Refund Delays: How to resolve the issue? Income tax refunds are a crucial aspect of financial planning for taxpayers. However, many individuals face delays in receiving their refunds due to various reasons, one of the most common being pending queries from the Income Tax Department. These queries often require the taxpayer’s immediate response,

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TCS on Foreign Remittance Transactions under LRS as per Income Tax Act, 1961 – Ensure Correct Remittance

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TCS on Foreign Remittance Transactions under LRS as per Income Tax Act, 1961 (Updated for October 2023) Introduction The Liberalized Remittance Scheme (LRS) allows Indian residents to remit money abroad for various purposes, such as travel, education, medical treatment, and investments. As of October 1, 2023, the Government of India has revised the Tax Collected

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Section 80EEA – Deduction for Interest paid on Home Loan for Affordable housingSection 80EEA –

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80 EEA – Deduction for Interest on Affordable Housing Loan :  Section 80EEA has been introduced to further extend the benefits allowed under Section 80EE for low-cost housing. Earlier, Section 80EE had been amended occasionally to allow a deduction for interest paid on housing loans for FY 2013-14, FY 2014-15, and FY 2016-17. Overview of

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Statutory Obligations for the month of December 2023

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The below are the various Statutory Obligations for the month of December 2023.Please ensure to comply with the obligations to avoid Interest / Penalty Sl. No Nature of Statutory Obligation Statute Due Date Link 1 Due Date for Payment of TDS for the month of November 2023 Income-Tax 07th Dec 2023 Link for Payment of

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Cost Inflation Index for F Y 2023-24 notified

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The CBDT has notified vide its Notification No 39/2023 dtd 12.06.2023 that the Cost Inflation Index (CII) for the year 2023-24 be 348. What is Cost Inflation Index? The Cost Inflation Index (CII) is a crucial parameter used in the Indian tax system to adjust the purchase cost of assets and investments for inflation. It

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10 Crucial Guidelines for Accurate Tax Filing

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10 Crucial Guidelines for Accurate Tax Filing Filing taxes can be an intimidating task, and even a small error can have significant repercussions. As an esteemed CA firm in India, we understand the importance of precise tax filing and its impact on financial matters. In this blog post, we will present you with ten essential

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Difference between Survey & Search under Income-tax – Know about it because your Peace of mind is important

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Survey and Search as per Income tax act are different. There are differences between Survey & Search. Please find the differences here

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Update on Income-tax Return verification

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1) ITR should be verified within 30 days instead of earlier 120 days 2) Only speed post mode is allowed for manual verification 3) Returns filed till 31.07.22 can be verified within 120 days 4) Date of e-verification or manual verification is the date of filing the returns in case of returns e verified or

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Are you liable to pay Advance Tax? Check this out….

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Payment of Income-tax as Advance tax is an obligation to be met by the Tax payers. Are you liable to pay Advance tax? Are there any exemptions? When should these advance tax payments be made? Find answers for all your queries here. Read on…. When does the question of Advance tax arise? If your total

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Are you liable to pay Advance Tax? Check this out….

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Payment of Income-tax as Advance tax is an obligation to be met by the Tax payers. Are you liable to pay Advance tax? Are there any exemptions? When should these advance tax payments be made? Find answers for all your queries here. Read on…. When does the question of Advance tax arise? If your total

Are you liable to pay Advance Tax? Check this out…. Read More »