In India, a "defective return" refers to an income tax return that does not comply with the prescribed rules or lacks necessary information.Section 139(9) of the Income Tax Act,1961, deals with defective income tax returns. It outlines the process and consequences when the Income Tax Department finds a return filed under Section 139 to be defective.A notice under … [Read more...] about Defective Income Tax Return: What They Mean and How to Respond
Income Tax
Advance tax vs. Self assessment tax: what is the difference?
Advance tax and self-assessment tax are both components of the tax payment process in India, but they serve different purposes and have distinct characteristics. Understanding both concepts is crucial for effective tax planning and compliance in India.In this article, we will be discussing the difference between advance tax and self-assessment tax in … [Read more...] about Advance tax vs. Self assessment tax: what is the difference?
Deductions under the new tax regime in India: FY 2024-25 (AY 2025-26)
As per the present tax laws, taxpayers have the option to choose between the old tax regime, which allows various deductions and exemptions, and the new regime, which offers lower tax rates but fewer deductions.Because of these limitations, taxpayers should evaluate which income tax regime benefits them more based on their income and expenses.Here are the income tax … [Read more...] about Deductions under the new tax regime in India: FY 2024-25 (AY 2025-26)
How to prepare for income tax return filing FY 2024-25 (AY 2025-26)
Due date of income tax return filing for the financial year 2024-2025 (assessment year 2025-26) is 31st July 2025. For the financial year 2023-24, the due date of filing was 31st July 2024.In cases where accounts are required to be audited by a chartered accountant in practice, the due date of filing income tax return is 31st October 2025 and tax audit report is 30th … [Read more...] about How to prepare for income tax return filing FY 2024-25 (AY 2025-26)
How are cash transactions regulated under income tax in India?
Income tax department uses various methods to cross check data filed by you in your income tax return with bank statements, property records, investment, credit card spending, buying cars and travel details.All high value transactions in India are reported to income tax authorities. Entities like banks, financial institutions, and certain other specified businesses … [Read more...] about How are cash transactions regulated under income tax in India?