Income Tax Act 1961 – FinanceViewers

ITR Series: Day 1: What is Income Tax Return? Start here with this Beginner’s Guide

TaxationJune 6, 202510Views 0Likes 0Comments

Table of Contents Introduction to the 30-Day ITR Series Why Income Tax Matters? What is an ITR (Income Tax Return)? What’s the need for filing ITR? NIL income tax returns- No Income?- File Your Return Anyway! Why Filing ITR for Deceased Loved Ones Matter More Than You Think? Why Filing ITR Makes Sense (Even If Not Mandatory)…

Reassessment under section 147 of the Income Tax Act: A Practical Playbook

TaxationJune 2, 202515Views 0Likes 0Comments

Table of Contents Overview Reassessment Basics: What section 147 of ITA allows Pre-2021 Framework The 2021 Framework: Structured, Not Spontaneous The Finance Act, 2024: What Changed Changes proposed in ITB Time Limits for Issuing Reassessment Notices (Section 149 of ITA / Proposed ITB Section 282) Practical Strategy for Tax Professionals: A Defensive & Proactive Approach Judicial…

Union Budget 2025-26: What’s New, What’s Next

Budget & PoliciesFebruary 14, 202511Views 0Likes 0Comments

Table of Contents Overview Key focus areas Vision for Viksit Bharat Tax Reforms and Simplification Agriculture and Rural Development Initiatives MSMEs and Industry Infrastructure Boost Social Welfare Programs Balancing Growth and Fiscal Disciplin Conclusion Overview The Union Budget 2025-26 is more than just a financial blueprint—it’s a strategy to utilize India’s resources effectively. This budget plays…

Section 43B(h): A Comprehensive Analysis and Frequently Asked Questions

TaxationFebruary 27, 202411Views 0Likes 0Comments

Table of Contents Overview Applicability Consequences Positive Impact Negative Impact Illustration FAQs Overview The Finance Act of 2023 introduces a new sub-section under Section 43B of the Income Tax Act, 1961, effective from April 1, 2024, impacting payments made after April 1, 2023. This subsection addresses overdue payments to MSMEs as per the MSMED Act, 2006,…

Form 10F: A Step by Step Guide for Non-Residents

TaxationFebruary 12, 202416Views 0Likes 0Comments

Table of Contents Overview Purpose & Benefits Applicability Documents Required Online Application ProcessE-filing Account Creation for NRs Filing of Form 10F Overview Form 10F is a self-declaration tax form designed for Non-Residents (NRs) seeking benefits under Double Taxation Avoidance Agreements (DTAA). It is particularly relevant when the Tax Residency Certificate (TRC) lacks essential information. Purpose…

Income Tax Portal Turmoil: Unraveling Glitches and Seeking Solutions

TaxationJanuary 11, 20249Views 0Likes 0Comments

Table of Contents Introduction Case 1: Limitations on Opting for New Scheme and Deductions in Belated Returns Case 2: Unintended Consequences of 10IE Defaults Call for Awareness and Solutions Conclusion Introduction The recent revamp of the income tax portal was anticipated to streamline processes and provide a more user-friendly experience for taxpayers. However, amidst the upgrades,…

Section 194P: Deduction of Tax in Case of Specified Senior Citizens

TaxationJanuary 4, 202416Views 0Likes 0Comments

Table of Contents Introduction Meaning of Certain TermsSpecified Senior Citizen Specified Bank Overview of section 194P of the Income Tax Act Benefits for senior citizens under section 194P Declaration in Form 12BBA. Summary FAQs Introduction Inserted by Finance Act,2021 in Income Tax Act, 1961, section 194P provisions w.e.f 1st April 2021 provide relaxations to specified…

Equalisation Levy- A Brief Analysis

TaxationNovember 29, 202310Views 0Likes 0Comments

Table of Contents What is Equalisation Levy? Applicability Charge of Equalisation LevySection 165: Charge of Equalisation Levy on Specified Services Section 165A: Charge of Equalisation Levy on E-Commerce Supply and Services Collection and RecoverySection 166: Collection and Recovery of Equalisation Levy on Specified Services Section 166A: Collection and Recovery of Equalisation Levy on E-Commerce Supply…

Navigating International Taxes: Understanding The Foreign Tax Credit

TaxationNovember 14, 202310Views 0Likes 0Comments

Table of Contents Introduction Concept of Double TaxationJurisdictional Double Taxation Economic Double Taxation Need of elimination of Double Taxation Methods for Eliminating Double Taxation Methods of Claiming Foreign Tax Credit.Exemption Method Credit Method Indian Tax Laws on Foreign Tax Credit Conclusion Introduction Foreign Tax Credit is a tax credit for foreign government’s income taxes…

Decoding Unexplained Income: Tax Implications

TaxationSeptember 20, 202312Views 0Likes 0Comments

Table of Contents What is Unexplained Income? Sections Covering Concept of Unexplained IncomeSection 68 Section 69 Section 69A Section 69B Section 69C Section 69D Applicability of Section 115BBE Penal Provisions Conclusion What is Unexplained Income? When an assessee does not have any explanation for the source/generation or nature of income being assessed, that income is…

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