Section 40A(2) of the Income Tax Act, 1961, basically deals with the empowerment of income tax assessing officers. This section lets them to not permit certain kinds of expenditures to be claimed as ...

Under Section 80 of the Income Tax Act, 1961, an individual can avail exemptions and deductions ... Taxpayers can claim a maximum amount of Rs.2 lakh in a financial year. To categorize the ...

Explanation: All business enterprises have been made to make payments their MSME suppliers strictly in accordance with the payment schedule. Payments made beyond the due date attract disallowance of ...

Kavita Samtani, a business owner running a beauty salon, appealed against five assessment orders stemming from a search and seizure operation on March 29, 2018. The search targeted her residential ...

Meeting income tax deadlines helps avoid penalties and manage finances effectively. Key November 2024 dates include November ...

Under section 220(1) of the Income Tax Act, any amount, other than advance tax, specified as payable in a notice of demand under section 156 must be paid within 30 days of the service of the notice.

The Tax Cuts and Jobs Act (TCJA) was a major overhaul of the tax code, signed into law by President Donald Trump on Jan. 1, 2018. The Senate passed TCJA on Dec. 2, 2017, by a party-line vote of 51 ...

File your income tax return if you are liable to submit a tax audit report. The deadline for ITR filing is November 15, 2024 ...

The IRS is filling gaps, fixing glitches and answering questions about the SECURE Act and SECURE Act 2.0, and about required ... starting RMDs at 73 in one tax code section and 75 in another ...

The taxation of equity mutual funds depends on the type of fund and the holding period. Similarly, the taxation of Debt ...

Your child might be allowed to skip filing a separate return and include their income on yours under certain circumstances, such as only having unearned income. The Tax Cuts and Jobs Act ...

NEW DELHI: October 2023-24 ... income tax return. However, October 2024-25 has brought good news for all salaried taxpayers. The Union Budget 2024-25 amended section 192 of the Income Tax Act.