Navigating Your Essential Regulatory Compliance Handbook FY 2024-25.

Presenting “Compliance Handbook” F.Y. 2024-25 A.Y. 2025-26! This booklet aims to provide practical aid to the compliance challenges faced by professionals in practice and industry and summarizes all important provisions of various laws by using different charts, schedules, tables, and useful notes. Features: Income Tax Companies Act Limited Liability Partnership (LLP) Service Tax Excise...

HUF Tax Benefits: How to Save Income Tax?

The Hindu Undivided Family (HUF) is a unique entity under Indian tax laws, providing various tax benefits that can significantly aid in tax planning and savings. This blog delves into the tax implications of HUF, highlighting the relevant sections from the Income Tax Act and exploring various methods of tax planning. Tax Benefits and Implications of HUF HUFs are eligible for a range of tax...

Section 40A(3A) of the Income Tax Act: Implications of Cash Transactions in Business.

Introduction The Indian tax landscape has undergone significant changes over the years, aiming to curb tax evasion and promote transparency in business transactions. One such critical provision is Section 40A(3A) of the Income Tax Act, 1961. This section deals with the disallowance of business expenses in cases where payments exceeding a specified limit are made in cash. This blog explores...

Tax Treatment of Lump Sum Settlement Payments Following Employment Termination, Without Further Obligation from Employer.

Case Study: Rahul’s Tax Troubles After Termination: Introduction: Mr. Rahul, a dedicated employee at INX Media, faced unexpected challenges after being terminated from his position. His subsequent receipt of a lump sum amount and a new car led to legal complexities with the Income Tax Department.   Rahul worked diligently at INX Media for several years before his sudden...

Changes In Income Tax Return Form No 1 to 4 for Assessment Year 2024-25.

No change in the applicability: The CBDT has not amended R12 of the Income-tax Rules, 1962, which outlines the criteria for the applicability of ITRs to different classes of taxpayers and method of furnishing returns and the same can be summarized as below for the AY 2023-24: Nature of income ITR 1 ITR 2 ITR 3 ITR 4 Salary Income Income from salary/pension (for ordinarily resident...

Changes In Income Tax Return Form No 2, 3, 5 for Assessment Year 2024-25.

  Applicability of ITR forms – not changed: Specific Income Tax Return (ITR) forms are applicable to specific source of income relating to specified assesee. The CBDT did not changed such applicability. Thus, the applicability of ITR forms to different taxpayers remains unchanged in the new versions of ITR forms. Thus, the source of income and taxpayers on which different ITR forms are...