# income tax
12 posts in `income tax` tag
.jpg)
Income Tax Department Update: Revised ITR Forms to Enable the 87A Tax Rebate for FY 2023–2024
An amendment from the Income Tax Department permits taxpayers to file amended or late ITRs in order to receive the 87A tax refund for FY 2023–2024. This action, which complies with an order from the Bombay High Court, provides relief to qualifying taxpayers who make ₹5,00,000 or less a year. The distinctions between the rebate limitations under the previous and current tax regimes are also highlighted in the update. Discover how to make your rebate claim and make sure you're in compliance with this updated framework.
-
By Krishna
.jpg)
Relief for AY 2024–2025: CBDT Extends the Deadline for Updated and Belated ITR Filing
In an effort to assist resident taxpayers, the CBDT has extended the deadline for submitting amended or late income tax returns for AY 2024–2025 to January 15, 2025. Those who need to correct problems in their returns or who missed the original December 31 deadline are eligible for this extension. To avoid fines and interest, timely filing is crucial.
-
By Krishna
.jpg)
Why Section 89 Grants Tax Relief on Salaries but Excludes Interest
Salary taxpayers who receive advance payments or arrears in one lump amount are eligible for relief under Section 89 of the Income Tax Act, which lessens the tax burden associated with switching to a higher tax band. However, interest income and other financial gains are not covered by this relief. This blog helps taxpayers with efficient compliance and tax planning by outlining the goals, restrictions, and application of Section 89.
-
By Krishna
.jpg)
Everything You Need to Know About Section 88A and Double Taxation Relief
Indian taxpayers are protected against double taxation on overseas income by Section 88A of the Income Tax Act. This guide explains eligibility, benefits, calculation methods, and the process to claim the tax credit. Continue reading to minimize your tax liability and guarantee equitable taxation.
-
By Krishna
.jpg)
From Business to Personal: The Reality of Unlimited Tax Liability
In terms of income tax, "unlimited liability" describes situations in which directors, partners, or other stakeholders might be held personally accountable for a company's outstanding tax debts. This blog explores the consequences, defenses, and preventive measures of Sections 167C, 179, and 188A of the Income Tax Act for partnership firms, private companies, and limited liability partnerships.
-
By Krishna
.jpg)
Tax Notice Orders - Section 156
Although receiving a tax notification under Section 156 of the Income Tax Act is frequently required as part of the tax assessment procedure, it might be unsettling. This comprehensive blog post clarifies the notice's contents, the circumstances behind its issue, and your options for responding, including whether to contest or pay the demand. Being aware of this procedure aids in avoiding fines, interest, and legal issues. Reexamine your tax documents, be proactive, and take the required actions to either pay the demand or submit an appeal.
-
By Krishna
Reduce Tax Stress and Save Money: Leverage the Power of Income Tax Calculators (AY 2024-25)
This blog post explores how income tax calculators for Assessment Year (AY) 2024-25 can be your secret weapon. We'll show you how these online tools can estimate your tax liability, compare tax regimes, and optimize your deductions and investments. Discover how to leverage the power of income tax calculators to reduce stress, save money, and navigate tax season with confidence!
-
By Krishna
TDS Return Deadlines: A Quick Reference Guide to Forms 24Q, 26Q, 27Q & 27EQ
Explore the essentials of TDS return forms 24Q, 26Q, 27Q, and 27EQ, including their purposes and deadlines. Simplify your understanding of tax deducted at source for smoother compliance with the Income Tax Department's guidelines.
-
By Krishna
Demystifying Taxation in India: Income Tax vs. TDS - APNOKACA Insights"
On the other hand, Tax Deducted at Source (TDS) is a mechanism where tax is deducted at the time of making certain payments such as salary, rent, or professional fees.
-
By Krishna
 Forms.jpg)
April 1, 2024 Onwards: Crucial Insights on Updated Income Tax Return (ITR) Forms - APNOKACA Update
To streamline tax processes and improve transparency, the Income Tax Department has announced important updates to income tax return (ITR) forms.
-
By Krishna
Income Tax Department Big Move: Extended Deadline for Filing Returns - APNOKACA Update
In a significant development, the Income Tax Department has announced a crucial update by extending the deadline for filing Income Tax Returns.
-
By Krishna
Income Tax Slab 2024-25: FM Announces Unchanged Tax Rates with Minor Relief in Interim Budget - APNOKACA
While maintaining tax rates, Sitharaman provided relief to taxpayers in the Interim Budget for 2024-25 by addressing outstanding petty direct tax demands.
-
By Krishna