What is Advance Tax? Advance Tax is the Income Tax paid in advance for the income earned in a particular financial year. Usually, the tax is to be paid when the income is earned. Still, under the tax provisions of advance tax, the payer has to estimate the income for...
Updated return (ITR-U) is a form that allows taxpayers to correct errors or omissions on their ITRs up to two years from the end of the relevant assessment year to update their return. Irrespective of whether the taxpayer has filed an original, belated, or revised ITR...
It is very important for an individual to determine the residential status as the taxability under Income Tax Act 1961 is depends on the residential status of individuals. There are three types of residential status of individuals which are as follows- 1. Resident 2....
In Budget 2023, Government of India introduced new tax regime as a default regime for the taxpayer but the old tax regime is continued to exists. It created a lot of confusion among taxpayers regarding the choice between the old and new tax regime Whether taxpayer...
From Financial year 2020-21, taxpayers (Individuals and HUFs) has an option to choose between Old Tax regime and the new Tax Regime. The new tax regime is available with lower tax rates and almost zero deductions/exemptions. Here is the quick comparison table between...
The Hon’ble Mumbai ITAT in the matter of Deputy CIT vs. Total Oil India Pvt. Ltd. has expressed doubts on the correctness of the decisions of the coordinate benches on the dividend distribution tax (DDT) rate being restricted by the treaty provision dealing with...
