What is Leave Encashment? A salaried individual is entitled to a minimum number of paid leaves annually by their employer. However, it is not mandatory for an employee to use all the allowed leaves in the same year. The unutilized paid leaves at the end of the year are carried forward to next year. Employees… Continue reading Leave Encashment Taxability with Example: Taxation Rules You Need to Know
The Income-tax Act sets distinct deadlines for Summary Assessment, Scrutiny Assessment, Best Judgment Assessment, and Income Escaping Assessment. If an assessment isn’t finalized within the specified timeframe, it becomes time-barred. Let’s explore the time limit for issuing a notice under Section 148 of the Act after recent changes in Budget 23 July 2024. Time Limits… Continue reading Understanding the New Time Limits for Income Tax Notice Issuance Under Section 148
