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Income Tax

Practical guides to returns, tax audit, assessments and notices.

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Income Tax

485 articles
Mutual Fund Taxation, Budget 2024 LTCG 12.5%, STCG 20%, SIP Tax Calculation, Equity vs Debt Funds

Mutual Fund & SIP Taxation Guide: Budget 2024 LTCG (12.5%) & STCG (20%) Rules, Equity vs Debt Funds, and Tax Harvesting

A comprehensive guide on mutual fund and SIP taxation post-Budget 2024. Details the hike in equity STCG to 20% under Section 111A, LTCG to 12.5% under Section 112A, the expanded ₹1.25 Lakh annual tax-free exemption, FIFO rules for SIP redemptions, Debt Mutual Fund slab taxation under Section 50AA, Hybrid fund classifications, and the ₹1.25 Lakh annual tax-harvesting blueprint.

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Section 44AD 44ADA Presumptive Tax, 6% 8% Profit Rate, 44AB Tax Audit Exemption, Freelancers ITR-4

Section 44AD & 44ADA Presumptive Taxation Guide: 6% vs 8% Profit Rates, ₹3 Crore / ₹75 Lakh Limits, Books Exemption, and Mandatory Tax Audit Rules

An exhaustive practical guide on the Presumptive Taxation Scheme under Section 44AD and Section 44ADA. Details the enhanced turnover thresholds of ₹3 Crore and ₹75 Lakh post-Budget 2023/2024, the 6% digital vs 8% cash profit rates, exemption from maintaining books under Section 44AA, single-installment advance tax, the 5-year lock-in penalty under Section 44AD(4), eligible professions, and Form 3CB-3CD tax audit triggers under Section 44AB.

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Section 194-IA TDS on Property, 1% Rate, ₹50 Lakh Limit, Form 26QB Challan, Joint Buyer Rules

TDS on Sale of Property under Section 194-IA: ₹50 Lakh Threshold, 1% Rate, Form 26QB Challan, and Joint Buyer/Seller Rules

A comprehensive property transaction and tax compliance guide on Section 194-IA of the Income-tax Act, 1961. Details the mandatory 1% TDS on immovable property purchases exceeding ₹50 Lakh, the radical Budget 2024 amendment clubbing joint buyer/seller thresholds, Stamp Duty Value (SDV) vs agreement value interplay, club charges and car parking inclusion under Section 194-IA(2), Form 26QB filing workflows, Form 16B certificate generation, and late filing penalties under Section 234E.

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Crypto Tax India Section 115BBH, 30% Flat Tax, 1% TDS 194S, Virtual Digital Assets VDA, Schedule VDA

Cryptocurrency Tax in India: Section 115BBH 30% Flat Tax, 1% TDS under Section 194S, Loss Set-Off Restrictions, and ITR Disclosures

An exhaustive digital asset and personal tax guide on cryptocurrency and Virtual Digital Asset (VDA) taxation in India. Explains the flat 30% tax rate under Section 115BBH, the 1% TDS mechanism on exchanges and P2P under Section 194S, the absolute statutory ban on loss set-off and carry forward, taxation of airdrops and staking under Section 56(2)(x), Schedule VDA reporting in Form ITR-2/ITR-3, offshore exchange compliance (Binance/KuCoin), and Section 271C penalties.

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Section 194Q TDS vs Section 206C(1H) TCS, ₹50 Lakh Threshold, Section 206AB & Form 26Q Compliance

Section 194Q TDS vs Section 206C(1H) TCS on Sale of Goods: Thresholds, Priority & Compliance Guide

Exhaustive practical guide on Section 194Q TDS and Section 206C(1H) TCS on purchase and sale of goods under the Income-tax Act, 1961. Details the ₹10 Crore preceding turnover threshold, ₹50 Lakh aggregate transaction limit, Section 194Q statutory priority over Section 206C(1H), higher withholding under Section 206AB/206CCA, advance payment triggers, and automated withholding workflows using assureTax.

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Section 148 Reassessment, Section 148A Inquiry, Income Escaping Assessment & High Court Writs

Responding to Section 148 and 148A Reassessment Notices: Legal Objections, Sanction Validity, and Limitation Periods

An exhaustive tax litigation guide on defending reassessment proceedings under Section 148 and Section 148A of the Income-tax Act, 1961. Details the new reassessment regime introduced by Finance Act 2021/2024, Section 148A(b) show cause replies, Section 151 specified authority sanctions, the 3-year vs 5-year/10-year limitation periods, the ₹50 Lakh threshold, and High Court writ petition strategies under Article 226.

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Form 15CA 15CB Filing Guide, Section 195 Foreign Remittance, DTAA Rates & CA Certification

Form 15CA and Form 15CB Step-by-Step Filing Guide: Determining Taxability, Applicable DTAA Rates, and Bank Uploads

A comprehensive international tax and banking compliance guide on executing foreign outward remittances from India. Explains Section 195 withholding tax rules, the 4-part Form 15CA structure, mandatory Chartered Accountant Form 15CB certification, DTAA treaty relief under Section 90(2), TRC and Form 10F prerequisites, Section 195A grossing-up math, and Authorized Dealer (AD) bank submission workflows.

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Section 43B(h) MSME 45-Day Payment Rule, Disallowance Calculation, Year-End Payment & Form 3CD

Section 43B(h) MSME 45-Day Payment Rule: Calculating Disallowances, Year-End Settlement, and Tax Audit Disclosures

An exhaustive tax audit and corporate compliance guide on Section 43B(h) of the Income-tax Act, 1961. Explains the mandatory 15-day and 45-day payment timelines under Section 15 of the MSMED Act, 2006, supplier classification (Micro vs Small vs Medium vs Traders), the non-applicability of the Section 139(1) due date window, Form 3CD Clause 22 and 26 reporting, and compound interest calculations under Section 16.

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Section 148 & 148A Reassessment, Search Assessments, ₹50 Lakh Threshold & Section 151 Sanctions

Income Tax Search & Reassessment: Section 148, Section 148A Inquiry & Sanction Guide

Exhaustive practitioner guide to search assessments and reassessments under Section 147, 148, and 148A of the Income-tax Act, 1961. Analyzes deemed information under Section 132 searches, Section 148A(b) show-cause inquiries, Section 151 sanction mandates, the ₹50 Lakh asset threshold for extended 5-year/10-year limitations, landmark Ashish Agarwal jurisprudence, and reassessment defense with assureNotice.

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Section 94B Thin Capitalization, 30% EBITDA Interest Cap, ₹1 Crore Threshold & Form 3CD Clause 30B

Section 94B Thin Capitalization: 30% EBITDA Interest Limitation, AE Debt & Form 3CD Guide

Exhaustive masterclass on Section 94B thin capitalization interest deduction limitation rules. Analyzes the 30% EBITDA statutory ceiling, ₹1 Crore threshold, implicit and explicit AE guarantee coverage, 8-year carry-forward mechanics under Section 94B(4), NBFC exemptions, Form 3CD Clause 30B reporting, and cross-border capital structure optimization with assureTP and assureTax.

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Section 144B Faceless Assessment, Draft Orders, Virtual Hearing, Natural Justice & High Court Writs

Faceless Assessment under Section 144B: Draft Orders, Video Hearing & SCN Defense Guide

Exhaustive practitioner guide to Faceless Assessment under Section 144B of the Income-tax Act, 1961. Details the NaFAC workflow, mandatory Show Cause Notice (SCN) issuance before adverse additions, virtual personal hearing rights via video conferencing, quashing orders violating natural justice, CBDT SOP compliance, and faceless e-proceedings defense with assureNotice.

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