Income Tax Department Archives

Why Your Tax Refund is Delayed and How to Resolve It

By CA ALOK KUMAR August 9, 2024Income Tax, Income Tax Act 1961, Income Tax Department, Income Tax Order, Income Tax Refund, source of income, TDS ON SALARY INCOMENo Comments

Filing your Income Tax Return (ITR) on time is crucial, but receiving your tax refund promptly is not always guaranteed. Various factors can cause delays in the refund process, which…

New MSME Support Fund Launched in Union Budget 2024-25 to Address 45-Day Payment Rule Challenges

By CA ALOK KUMAR August 3, 2024Income Tax Act 1961, Income Tax Department, Indian Budget, MSME, Tax Deducted at Source, The Finance Act 2023, Union Budget 2024-251 Comment

In the Union Budget 2024-25, Finance Minister Nirmala Sitharaman has addressed the contentious 45-day payment rule that affects micro, small, and medium enterprises (MSMEs). This rule mandates that traders must…

Transitioning from Old to New Tax Regime Post Budget 2024

By CA ALOK KUMAR July 27, 2024Direct Tax, HUF Taxation, Income Tax, Income Tax Act 1961, Income Tax Department, New Tax Regime, New Tax System, NRI Tax In India, Presumptive Taxation1 Comment

Budget 2024 has introduced significant changes to the new tax regime, offering increased tax relief by revising income tax slabs and enhancing standard deductions. Taxpayers now face a crucial decision:…

Vivad se Vishwas 2.0: Settlement Made Easy

By CA ALOK KUMAR July 26, 2024Income Tax, Income Tax Act 1961, Income Tax Department, Income Tax Order, ITAT Decision, Judicial Decision, source of income, Vivad se Vishwas, Vivad se Vishwas 2.0, Vivad se Vishwas 20241 Comment

Vivad se Vishwas Scheme 2024 (VVS 2024) aims to streamline the resolution of long-pending tax disputes at the Commissioner (Appeals) level, building on the success of its 2020 predecessor. This…

ITR Filing FY 2023-24: Nearly 50% of Taxpayers Yet to File Due to Website Issues

By CA ALOK KUMAR July 26, 2024Income Tax, Income Tax Act 1961, Income Tax Department, ITC Refund, ITR Filing, ITR Filing Due Date, ITR-1, TAX COMPLIANCE IN INDIA, Tax Filing In India, Tax in IndiaNo Comments

For the financial year 2023-24, there have been significant issues with the Income Tax Return (ITR) filing process in India. Nearly 50% of taxpayers have not yet filed their returns,…