Income Tax

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

According to the Income Tax Act of 1961, if someone doesn't follow the tax rules, they may have to pay penalties. These penalties include interest on unpaid tax amounts. Section 234 outlines these penalties, and specifically, Section 234B deals with interest charged for not making advance tax payments on time, especially if the taxpayer fails to pay online.Understanding … [Read more...] about Interest on Late Advance Tax Payments: Section 234B Explained

The income tax department may send you a tax notice if they find any errors in your tax return. These notices are a way for the tax authorities to alert you about mistakes that need to be corrected. Depending on what the issue is and how you respond, the tax officer might take further action.It’s crucial to understand why you might get a tax notice and how to handle it. … [Read more...] about Your Guide to Income Tax Notices: 8 Alerts Every Taxpayer Should Know!