Income Tax

A notice under section 245 is sent by the Income Tax Department to ask taxpayers if they want to use their current year’s tax refund to cover any tax they owe. This notice gives taxpayers a chance to agree or disagree with the tax demand. This article will look at the details of section 245 of the Income Tax Act.What is Intimation Under Section 245?Intimation under … [Read more...] about Income Tax Notices u/s 245: Offsetting Demands with Your Refund

A notice for demand under Section 156 of the Income Tax Act is a formal letter sent by the income tax department to a taxpayer. It is issued when the department believes that the taxpayer owes money in taxes. The notice informs the taxpayer about the amount they need to pay and provides details on how to do so. Essentially, it’s a request for payment of taxes that are … [Read more...] about Income Tax Notice for Demand Under Section 156: What It Is & How to Respond

The Income Tax Department's data from the financial year 2000-01 to 2023-24 provides an in-depth analysis of India's tax revenue generation trends, specifically from direct taxes. This collection includes figures for corporate taxes, personal income taxes, and other direct taxes, showcasing how the country’s tax landscape has evolved. Here, we look at various aspects … [Read more...] about Income Tax Collection in India: Trends and Insights (2000-2024)

To carry out the Budget 2024 plan about adjusting TDS and TCS from other sources against salary TDS, the Central Board of Direct Taxes (CBDT) has released a new form called Form 12BAA.According to a press release from PIB on October 17, 2024, the CBDT has updated the Income-tax Rules, 1962, with Notification No. 112/2024. This introduces Form No. 12BAA, which employees must … [Read more...] about How to adjust TDS and TCS from other sources against salary TDS?: Form 12BAA

To ensure smooth tax payments, the Income Tax Act has set up rules for paying advance tax. Taxpayers must pay their advance tax in four installments. If there’s any delay in these payments, a penal interest will be charged under Section 234C of the Income Tax Act.What is Section 234C?Section 234C of the Income Tax Act requires taxpayers to pay their advance … [Read more...] about Interest on Delayed Advance Tax Payments: Section 234C Explained