When faced with a notice from the Income Tax Department regarding the non-filing of an Income Tax Return, taxpayers must promptly respond. These notices are typically sent via email or SMS, and taxpayers can reply through their income tax e-filing accounts, eliminating the need for...
Navigating through the intricate landscape of Income Tax regulations, understanding the nuances of mandatory PAN (Permanent Account Number) quoting in various transactions is pivotal. Rule 114B delineates these transactions, each carrying its significance and implications....
Navigating the intricate terrain of income tax filing can be a daunting task, with even the smallest oversight potentially leading to significant consequences. As the deadline for filing taxes approaches, individuals find themselves in a race against time to ensure accuracy and compliance with tax...
Intraday trading involves buying and selling securities within the same trading day, with all positions squared off before market close. Unlike regular trading, where settlement occurs over time, intraday trading demands quick decision-making and execution to capitalize on short-term price movements....
Presumptive taxation schemes are designed to simplify the process of computing profits and gains for certain categories of taxpayers. Two significant provisions under the Income Tax Act, namely Section 44AD and Section 44ADA, outline the framework for such schemes....
In navigating the process of e-verifying tax returns without the need for logging into the e-filing portal, individuals encounter a simplified procedure. The avenue for e-verification resides within the e-filing portal of the income tax department, conveniently accessible through the "e-verify" option nestled under the...
In the realm of income tax compliance, individuals must be prepared to navigate the possibility of a tax raid conducted by authorities. These raids, officially termed as "Search and Seizure" operations, serve as a pivotal tool wielded by the Income-tax department in combating illicit financial...
Risk management within the realm of internal audit is a critical aspect, defining the potential impacts on organizational objectives due to various events. It encapsulates both positive and negative ramifications, necessitating a meticulous approach to mitigate and capitalize on risks....
The deadline for filing income tax returns stands as a pivotal moment for taxpayers, marking not just a legal obligation but also a significant financial responsibility. Each year, citizens are required to submit their returns by the designated due date, typically by 31st July of...
In the backdrop of Section 5A of the Income Tax Act of 1922, the Income Tax Appellate Tribunal (ITAT) was established, operating under the aegis of the Ministry of Law and Justice. Serving as a subordinate body to the High Court of specific regions, the...
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