The Finance Act, 2022, introduced Section 139(8A) in the Income-tax Act, 1961, allowing taxpayers to file an Updated Return (ITR-U) to rectify errors, omissions, or discrepancies in previously filed returns. Effective April 1, 2022, this provision
With international travel from India surging annually, the government has tightened its tax compliance measures to curb potential tax evasion. To track high-value foreign transactions and ensure better tax reporting, the Finance Act, 2020, introduced TCS on Foreign Tour Packages through
The taxation of capital gains in India is governed by the Income-tax Act, 1961, with key provisions defining how long-term capital assets are taxed. A crucial element in long-term capital gains (LTCG) taxation is indexation, a mechanism that adjusts the cost of acquisition to account for inflation,
In India, cash transactions in business are closely regulated under the Income Tax Act, 1961, as part of the government’s efforts to enhance financial transparency, promote digital payment systems, and curb the flow of unaccounted money. Businesses are required to
A Hindu Undivided Family (HUF) is a unique and well-recognized concept under Indian law, particularly within the context of the Income Tax Act. It refers to a family unit comprising individuals who are lineal descendants of a common ancestor and are governed by Hindu law.
