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Understanding Section 271F and Its Implications

Introduction: In the realm of income tax compliance, timely filing of returns is crucial. Failure to adhere to these deadlines can lead to penalties, impacting your financial standing. One such provision, Section 271F of the Income Tax Act, carries

Penalties for Concealment of Income under section 271(1) (c)

Understanding Section 271(1)(c) of the Income Tax Act: Penalties for Concealment of Income and Furnishing Inaccurate Particulars Introduction: The Indian Income Tax Act of 1961 contains numerous provisions aimed at regulating taxation in India. Among these, Section 271(1)(c) holds

Demystifying Section 271(1)(b) of the Indian Income Tax Act

Introduction: In the labyrinth of tax regulations, Section 271(1)(b) of the Indian Income Tax Act stands as a sentinel, guarding against the veiling of income and misleading particulars. Let's embark on a journey to decode this section, shedding light

Section 144 of Income Tax Act: Best Judgement Assessment

Tax assessment is an integral part of the Indian taxation system, ensuring that taxpayers contribute their share of tax and fulfill necessary obligations. In cases where a taxpayer fails to file their income tax return, Section 144 of the

Sections 145, 145A, and 145B of the Income Tax Act: A Complete Guidance

Understanding the nuances of income computation is essential for taxpayers and authorities alike. Sections 145, 145A, and 145B of the Income Tax Act, 1961 delineate the methodologies and standards for accounting practices. Let's explore each section in detail: Section

Section 146: Reopening of assessment at the instance of the assessee

Description: Section 146 of the Income Tax Act, 1961, previously allowed for the reopening of assessments at the request of the assessee. Amendment: This section was omitted by the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988), with

Section 147 of the Income-tax Act, 1961 (ITA) Demystified

The Finance Act, 2021 has completely replaced the provisions of assessment and reassessment under Section 147 of the ITA. In order to set the context, let’s first gain clarity on the terms: assessment and escaping assessment. Every earning individual

Unraveling Section 148 of the Income-tax Act:

Introduction: Section 148 of the Income-tax Act, 1961 (ITA) plays a crucial role in enabling the reassessment of income that may have escaped assessment. Let's delve deeper into its provisions and understand its significance. Assessment Process: Similar to

Intimation Under Section 143(1) of Income Tax Act

What Is Intimation u/s 143(1)? Intimation under Section 143 (1) is a communication/notification sent to a taxpayer by the Income Tax Department after it has processed their income tax return. It is a preliminary computation of a taxpayer's tax liability. It

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