2024 - My Tax Support

“What Happens If You Skip a Tax Audit Under Complete Section 44AB?”

Introduction Section 44AB of the Income Tax Act, 1961 mandates a tax audit for businesses and professionals who meet specific turnover or gross receipt thresholds. This provision ensures accurate financial reporting and compliance with tax regulations. Non-compliance with Section

“Who Can Appeal Under Section 248 of the Income Tax Act and What Is Its Scope?” Complete Guide

Section 248 of the Income Tax Act, 1961 provides a mechanism for taxpayers to file an appeal when they have been subjected to an income tax assessment or other decisions by the Assessing Officer (AO). The provision is designed

“Impact of Finance Act 2023 on Appeals to Joint Commissioner (Appeals)” A Complete Guide

The Finance Act, 2023, introduced several significant changes to the Indian tax system, including modifications to the process of filing appeals under the Income Tax Act. One of the key changes was the impact on appeals to the Joint

“Types of Orders Appealable to the CIT (Appeals) ” Complete Guide

In the Income Tax Act, the Commissioner of Income Tax (Appeals) (CIT(A)) is the first appellate authority for taxpayers who are dissatisfied with an order passed by the Assessing Officer (AO) or other tax authorities. The CIT(A) plays a

“Provisions Under Section 246 and 246A for Appeals to the Commissioner (Appeals)” Complete Guide

Section 246 and Section 246A of the Income Tax Act, 1961 play a crucial role in the tax appeal process. They lay down the framework for how taxpayers can challenge the orders of tax authorities and seek redress through

“Difference Between Appeals and Revisions in Income Tax”? Complete Guide

In the context of Income Tax, both appeals and revisions allow taxpayers to challenge or rectify orders passed by tax authorities. While both serve as mechanisms to resolve disputes, they differ significantly in terms of process, authority, and scope.

Complete “Penalties and Risks of Non-Compliance with Section 44AB”

Introduction Under Section 44AB of the Income Tax Act, 1961, certain businesses and professionals are required to conduct a tax audit. The purpose of this audit is to ensure accuracy in financial reporting and compliance with tax laws. Failing

How is the Appellate Structure Organized Under the Income Tax Act? Complete Guide

The appellate structure under the Income Tax Act plays a critical role in ensuring that taxpayers have access to a system of checks and balances. If a taxpayer disagrees with an order passed by the Assessing Officer (AO) or

Right to Appeal Under the Income Tax Act?

The right to appeal under the Income Tax Act allows taxpayers to challenge decisions made by tax authorities when they believe the assessment or tax-related orders are incorrect. This right ensures that individuals and entities are not unduly penalized

“What Happens When Personal Expenses Are Claimed as Business Costs?” A Complete Guide

Introduction Claiming personal expenses as business expenses is a common error or sometimes a deliberate act to reduce tax liability. However, under the Income Tax Act, 1961, such practices can lead to disallowance of expenses, additional tax liability, and

Year: 2024