Tax audit is an examination or review of accounts of any business or profession carried out by taxpayers from an income tax viewpoint.
From October 1, 2024, buyback proceeds will be taxed as dividends, shifting the tax burden from companies to shareholders. Companies will need to deduct TDS at 10 per cent for residents and 20 per cent for non-residents, prompting a reevaluation of investment strategies
Income Tax Refund Delay Reasons: If your refund is still pending, there could be several reasons for the delay
Section 148 of the Income Tax Act grants an assessing officer the power to either assess or re-assess any taxable income that was wrongly computed and has not been assessed as per the provisions.
Being aware of key deadlines enables taxpayers to plan effectively and take full advantage of deductions, exemptions, and other tax benefits.
Individuals and HUFs can claim tax exemptions on LTCG from urban agricultural land by investing in capital gain bonds, purchasing a residential house, or acquiring another agrarian land.
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