income tax
Income Tax
Advance Tax Payment
Advance tax may seem tricky, but knowing the basics can help you manage your money. This knowledge can also prevent surprises at the end of the financial year. In this blog, we’ll cover advance...
Income Tax
How Family Transfers Can Impact Your Tax Bill – Clubbing of Income
Have you ever thought that gifting an asset to a family member might save you tax? Think again! The Income Tax Department has laid down rules—known as clubbing provisions—that could bring that “gift” back...
Income Tax
Budget 2025: Key Direct Tax Changes You Need to Know
The Union Budget 2025 has introduced several direct tax changes aimed at reducing the tax burden and easing compliance for individuals and businesses. With higher rebate limits, revised TDS thresholds, and relaxed rules for...
Income Tax
ICAI’s Key Suggestions for the Union Budget 2025
With the Union Budget 2025 set to be presented by Finance Minister Nirmala Sitharaman on February 1, the Institute of Chartered Accountants of India (ICAI) has put forth a set of recommendations aimed at...
Income Tax
Most Common Tax Disputes in Income Tax
Income tax disputes are a recurring challenge for taxpayers and tax authorities worldwide, and 2024 has been no exception. As tax systems evolve and regulations grow complex, disputes arise. They stem from misunderstandings, different...
Income Tax
Form 16: Everything You Need to Know
Form 16 is a term that frequently pops up during the tax season in India, but what is it really, and why is it so important? Whether you’re a salaried employee navigating the world...
Income Tax
SECTION 47: CERTAIN TRANSACTION NOT REGARDED AS TRANSFER (EXEMPT TRANSFER)
What is section 47 of Income Tax Act?
Section 47 of the Income Tax Act, 1961 (India) specifies transactions that are not regarded as transfers for the purposes of capital gains tax. Under normal circumstances,...
Income Tax
Income tax notices and how to reply to them
What is an Income Tax Notice?
Income tax notices are official communications from the Income Tax Department to a taxpayer, highlighting issues or actions related to their tax filings. Receiving such a notice doesn't always...
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