Failure to file an Income Tax Return (ITR) within the prescribed deadlines can lead to significant legal and financial repercussions....

When a taxpayer earns a long-term capital gain from the sale of any capital asset, investing in a residential house within a specified...

What is Advance Tax? Advance tax is the income tax that must be paid in installments instead of a lump sum at the end of the financial...

The Union Budget 2025 has introduced significant changes to India’s personal income tax structure, leading to the crucial question:...

Filing Goods and Services Tax (GST) returns accurately is crucial for businesses to remain compliant and avoid penalties. Unlike the...

Non-Resident Indians (NRIs) earning income in India are subject to specific taxation rules under the Income Tax Act, 1961. These rules...

Receiving a notice from the Income Tax Department can be stressful and time-consuming. Many taxpayers receive notices due to errors,...

The due date for filing tax returns for individual taxpayers is 31st July of the assessment year. Delaying this process until the last...

Benjamin Franklin once said, 'In this world, nothing can be said to be certain, except death and taxes.' The Union Budget of 2023 has...

In the dynamic landscape of global finance, fluctuations in foreign exchange rates can significantly impact the valuation of a company's...

1. Accounting for Bills of Exchange 1.1 Important Definitions According to section 13(1) of the Negotiable Instrument Act, 1881, “A...