The Income Tax Act has provisions called Sections 269SS and 269T that limit cash transactions for loans and deposits over Rs. 20,000 in an attempt to prevent tax evasion and encourage transparency. Such amounts cannot be accepted in cash according to Section 269SS, and cash repayment is limited according to Section 269T. Penalties for noncompliance may equal the cost of the transaction. This blog offers a thorough explanation of each of these areas, as well as helpful advice on how to comply.

This blog provides comprehensive guidance on how taxpayers can effectively respond to notices issued under Section 133(6) of the Income Tax Act. It covers the scenarios in which these notices are issued, the type of information that may be requested, and best practices for ensuring compliance to avoid penalties and legal consequences.

This blog provides a detailed and descriptive overview of Section 139(9) of the Income Tax Act, 1961. It explains what makes an income tax return defective, the common reasons for receiving a 139(9) notice from the Income Tax Department, and the consequences of not rectifying the defect in time.

As the first quarter of the 2024-25 financial year ends, it's essential for taxpayers and businesses in India to be aware of important tax deadlines in July 2024. This blog provides a comprehensive guide on critical due dates set by the Income Tax Department and GST authorities. It covers deadlines for TDS deposits, TDS certificates, income tax returns, and GST filings, helping you stay compliant and avoid penalties.

Advance tax is an essential part of the Indian tax system, requiring certain taxpayers to pay their taxes in instalments throughout the year. This blog explains who needs to pay advance tax, the deadlines for payments, how to calculate and pay it, and the penalties for missing the payment deadlines. Understanding these aspects helps ensure compliance and avoid interest charges.