The Tax Commissioner and any authorized employee is hereby authorized to examine the books, papers and records of any employers, or of any taxpayer or person subject to the tax, for the purpose of verifying the accuracy of any return made, or if no return was made, to ascertain the tax due. Every such employer, […]

The TRACES Portal is a facilitation mechanism which can be used by taxpayers to ascertain the taxes withheld on their account as TDS or the self-assessment taxes paid. The website of TRACES (TDS Reconciliation Analysis and Correction Enabling System) has been set up by the TDS Centralized Processing Cell of the Income-tax Department. The purpose

In case of individuals employed, salary or wages earned is considered to be the primary source of income. In businesses, the revenue received from the core business functions after paying all expenses or applicable taxes is the business income. To sum up, income is nothing but ones earning received during a period. Generally, all incomes are subjected

Any profit or gain that arises from the sale of a ‘capital asset’ is known ‘income from capital gains’. Such capital gains are taxable in the year in which the transfer of the capital asset takes place. This is called capital gains tax. There are two types of Capital Gains: short-term capital gains (STCG) and

Under Section 2 (31), ‘Person’ is an AOP or Association of Persons or BOI (Body of Individuals) or a Local Authority or an artificial judicial person, or not, that Person or Body or Authorities or a Legal Person, was established or merged for revenue, profit or gains. In this article, we will the definition of

Taxes can be defined as an obligatory contribution to the Government by individuals or corporations who fall within the tax bracket. Taxes are levied on citizens to generate revenue for commercial ventures, improve the country’s economy, and raise the national standard of living. Litigations on the other hand can be defined as ‘the process of

Every assessee, who earns income beyond the basic exemption limit in a Financial Year (FY), must file a statement containing details of his income, deductions, and other related information. This is called the Income Tax Return (ITR). Once you as a taxpayer file the income returns, the Income Tax Department will process it. There are occasions where, based

Filing income tax returns (ITR) is an essential responsibility for salaried individuals in India. The ITR-1 form is specifically designed for individuals with income from salary, pension, or interest. This article aims to provide a step-by-step guide to help salaried individuals file their ITR-1 accurately and efficiently. Who is eligible to file ITR-1 for FY2023-24